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Senate Minority Leader Schumer: Americans are forced to choose between life-saving drugs and everyday necessities, while Trump is demanding an additional $200 billion for his war on drugs. Extending the Affordable Care Act tax credits to more than 20 million Americans would cost less than half that amount.US-Israel-Iran Conflict: ① Iran 1. Iran claims US-Israeli strikes have injured over 18,000 civilians. 2. Iran claims the 65th round of Operation Real Commitment-4 targeted Israeli oil refineries and US military bases. 3. Iran states it continues to target US and Israeli infrastructure and hints at a possible Israeli attack on Saudi Aramco. 4. Iranian lawmakers say parliament is considering a bill to impose tolls and taxes on ships attempting to safely pass through the Strait of Hormuz. 5. On March 18, a judicial institution in Larestan County, Fars Province, southern Iran, was attacked by the US and Israel, resulting in 14 deaths and 50 injuries. 6. Iranian Foreign Minister: If our infrastructure is attacked again, we will not hesitate to take action. Any solution to this war must address the damage to our civilian infrastructure. ② US 1. According to Politico: The US will not implement an oil export ban. 2. The US Senate again rejected a resolution limiting military action against Iran. 3. The US Department of Defense reportedly requested an additional $200 billion in funding for the war against Iran. 4. Sources say the US government is considering deploying thousands of troops to the Middle East. 5. Trump says he has told Israel not to attack energy facilities in Iran. 6. A US F-35 fighter jet made an emergency landing after being suspected of being hit by Iranian fire. 7. CIA Director: Israel has not forced the US to take action regarding attacks on Iran. 8. US media reports that the US military may occupy Harg Island to force Iran to open the Strait of Hormuz. 9. Trump: Harg Island can be taken at any time. No troops will be deployed anywhere. 10. US Treasury Secretary: The US may lift sanctions on Iranian maritime oil in the coming days. 11. The US replenished supplies for the UAE, Kuwait, and Jordan, approving a $16.5 billion arms sale. 12. US Director of National Intelligence Gabbard: Trumps objectives against Iran are different from Israels. 13. US Central Command: US forces are destroying Iranian naval targets that threaten the Strait of Hormuz and nearby international shipping. ③ Israel: 1. Israeli Chief of Staff: Israels military action against Iran is "not even halfway done." 2. Israeli media: Iranian missile hit Haifa oil refinery, causing no casualties. 3. Israeli Prime Minister Netanyahu stated that Israel will suspend attacks on Irans main gas fields. 4. The Israeli Prime Minister stated that attacks on Iran will continue until necessary, as Iran no longer possesses the capability for uranium enrichment or ballistic missile manufacturing. 5. According to Al Jazeera: The Israeli Broadcasting Corporation, citing sources, reported that the joint Israeli-US operation is expected to continue for several more weeks. ④ Other: 1. Saudi Arabias Yanbu port briefly suspended oil loading. 2. Qatars Ras Lafan gas facility was attacked again. 3. Two Kuwaiti oil refineries suspended operations after being attacked. 4. Iraqs Kataib Hezbollah announced a conditional suspension of attacks on the US embassy. 5. Turkish Foreign Minister: Israel is the primary instigator of this round of regional conflict. 6. UAEs Habshan gas facility suspended operations due to missile debris. 7. Joint statement from six countries including the UK and France: prepared to take measures to ensure the security of the Strait of Hormuz. 8. Russian Foreign Ministry: Israels attack on Russian journalists is a serious violation of international law; the Russian Foreign Ministry will summon the Israeli ambassador. 9. Saudi Foreign Minister: Saudi Arabia reserves the right to take military action (against Iran) if necessary. 10. Italian Foreign Minister: Italy will not participate in the war. Our goal is to defend freedom of navigation and maritime trade. 11. US media: Former US Counterterrorism Center Director Joe Kent is under investigation by the FBI for allegedly leaking classified information. 12. Bahrain denies reports from Irans Fars News Agency that its liquefied natural gas (LNG) refinery was targeted in an attack. Bahrain states that it has no LNG refineries.According to The Times of London: British ministers may postpone shipbuilding projects in response to a £10 billion cut in the Ministry of Defence budget.The EU leaders summit statement: The European Council calls on all parties to de-escalate the situation, exercise maximum restraint, protect civilians and civilian infrastructure, and fully comply with international law. It also calls for a halt to the attacks on energy and water facilities.On March 20th, Nvidia CEO Jensen Huang, responding to questions about how Anthropic could have handled its contract negotiations with the Pentagon better, stated that tech industry leaders need to be cautious when discussing artificial intelligence to avoid triggering public panic. Huang said, "We want to remind people of the potential risks of this technology." "Reminders are good, but creating panic is not, because this technology is too important to us." Huang believes the biggest national security risk facing the US in the field of artificial intelligence is that public anger, fear, or paranoia could cause the country to fall behind its competitors in adopting this technology. Anthropic is a major Nvidia customer, and its CEO insisted on including clauses in the contract prohibiting the companys products from being used for surveillance of Americans or for fully autonomous weapons. The Trump administration therefore identified Anthropic as a supply chain risk and began excluding it from various government initiatives.

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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