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On August 31, the Ministry of Industry and Information Technology (MIIT) – International Telecommunication Union (ITU) High-Level Seminar on "Space for Development" opened in Shanghai. The three-day seminar includes keynote speeches, roundtable discussions, and field visits, focusing on topics such as space services issues discussed at the World Radiocommunication Conference, opportunities for space-ground integrated operations, the large-scale application of the BeiDou Navigation Satellite System, and the integrated development of space and ground systems. The seminar will feature thematic sharing on the ITUs space rules framework and the space service regulatory practices of various countries, and will host several roundtable discussions on topics such as "Space for Development" and "New Challenges in Frequency and Orbit Resource Management." Participants will exchange views on issues such as space governance, frequency and orbit coordination, and industrial empowerment of developing countries.August 31 - According to South Korean media reports, Samsung Electronics is developing an 8-layer seventh-generation high-bandwidth memory (HBM4E) in cooperation with NVIDIA (NVDA.O). This significantly reduces the stacking height compared to the originally planned 12-layer and 16-layer solutions. NVIDIA has proposed a speed specification of 17-18Gbps, which is about 20% higher than the initial 14.4Gbps sample speed of Samsungs HBM4E. This product is reportedly intended for use in NVHBM.The General Staff of the Armed Forces of Ukraine reported that as of 08:00 local time on August 31, a total of 225 firefights had been recorded in the past 24 hours. Of these, 36 enemy attacks occurred in the Pokrovsk direction.A survey released by the Japanese government on Monday, August 31, revealed that a severe labor shortage remains the primary reason Japanese companies are hiring foreign workers. This highlights the Japanese economys reliance on overseas labor, even as Prime Minister Sanae Takaichi seeks to tighten regulations targeting non-Japanese residents. A multi-option survey conducted by the Ministry of Health, Labour and Welfare showed that 68.2% of companies cited alleviating labor shortages as the reason for hiring foreigners. This reason has remained the top choice every year since the survey began in 2023. Approximately 56% of companies stated that they recruit based on the abilities and qualifications of foreign workers; 18% indicated they hoped to promote workplace internationalization. With Japans declining population and aging workforce, companies are increasing their recruitment of foreign workers to fill labor gaps, leading to a significant increase in the number of foreign workers. A report released this month by Teikoku Databank showed that more than half of companies reported a shortage of full-time employees. The survey also revealed that nearly 30% of companies reported an insufficient number of non-regular employees.Japans construction orders fell 13.4% year-on-year in July, compared with 2.3% in the previous month.

USD/JPY Price Analysis: Double Top Formation Supports Bearish Reversal, 128.00 Targeted

Daniel Rogers

May 10, 2022 10:48

After reaching a fresh multi-year high of 131.35 on Monday, the USD/JPY pair experienced a sharp decline. The difference between the new multiyear high and the previous high of 131.26, reached in the last week of April, is negligible. Therefore, the recent high may be categorized as an unsuccessful attempt to establish above the previous high.

 

The asset produced a Double Top pattern on a four-hour time frame, indicating a bearish reversal after the successful retesting of the prior highs. The key resistance is established by the high of April 28 at 131.26.

 

Notable is the flattening of the 20-period and 50-period Exponential Moving Averages (EMAs) at 130.42 and 129.94 respectively, which indicates weariness in the uptrend.

 

Meanwhile, the Relative Strength Index (14) has switched from a bullish range of 60.00-80.00 to a consolidation range of 40.00-60.00, indicating a contraction in volatility.

 

The yen bulls could enjoy a brief ride if the asset falls below the 50-EMA at 129.94, which would take the currency towards Thursday's low at 128.76. A break of the latter will bring the asset to the round level support at 128.00.

 

In contrast, the dollar bulls could regain control if the asset surpasses the multi-year high at 131.35. This will take the pair toward the 15 April 2002 high of 132.38, followed by April's high of 132.82.

USD/JPY

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