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On June 21, a source in Switzerland close to the Iranian negotiating team stated that Iran has no plans to hold any negotiations with IAEA Director General Grossi, and his presence in Switzerland does not imply his participation in the negotiations. The source emphasized that the US had requested Grossis participation in the negotiations, but this proposal was opposed by Iran. The source indicated that the Iranian negotiating teams goals are limited to implementing Article 13 of the memorandum, with a focus on Article 1, as well as issues such as unfreezing Iranian assets and lifting oil sanctions.The China Earthquake Networks Center officially measured a 3.1-magnitude earthquake at 19:43 on June 21 in Haixi Prefecture, Qinghai Province (37.78 degrees north latitude, 95.37 degrees east longitude), with a focal depth of 10 kilometers.June 21 – According to the Ministry of Emergency Management, Guizhou, Hubei, Hunan, and Anhui provinces face a high risk of flooding and disasters due to heavy rains over the next three days. Strengthened precautions are needed against flash floods, geological disasters, small and medium-sized river floods, and urban waterlogging that may be triggered by continuous heavy rainfall. On June 21, the State Flood Control and Drought Relief Headquarters Office and the Ministry of Emergency Management organized a joint consultation meeting with the China Meteorological Administration, the Ministry of Water Resources, the Ministry of Natural Resources, the Ministry of Housing and Urban-Rural Development, the Ministry of Transport, and other departments to assess recent rainfall trends and the flood situation, and to plan and deploy flood prevention work in key areas. The meeting emphasized the need to strengthen the linkage between monitoring, forecasting, and early warning response; to increase the frequency of monitoring, provide rolling forecasts, and issue early warnings; to move the work focus forward; to promptly activate and adjust emergency responses; and to take decisive and rigid measures such as shutdowns and control measures as needed.A spokesperson for the Qatari Ministry of Foreign Affairs stated that a technical and expert group has been established to discuss the terms of the final agreement between the United States and Iran, and a follow-up group has been formed to implement the memorandum of understanding until the final agreement is reached.According to Irans Tasnim News Agency, sources close to the negotiating team said that the Strait of Hormuz will not reopen as long as the ceasefire agreement in Lebanon is not observed and the exemption for Iranian oil sales is not approved.

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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