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USDJPY Market Update

8/25/2022 12:22 PM

The US dollar is declining, retreating from local highs, updated earlier in the week.

Investors are in no hurry to open new trading positions in anticipation of the speech of US Federal Reserve Chairman Jerome Powell as part of the symposium starting today in Jackson Hole, hoping to get hints on further actions of the regulator in the field of monetary policy. To date, analysts estimate the likelihood of an interest rate hike in September by 50 basis points and by 75 basis points about the same. In addition, market participants hope that the Fed Chairman will comment on the prospects for tightening the existing parameters in the face of worsening forecasts for the energy crisis.

Macroeconomic statistics from Japan published today does not have a significant impact on the dynamics of the instrument. Meanwhile, Corporate Service Price Index corrected from 2.0% to 2.1% in July from a forecast of 2.2%, Foreign Bond Investment fell by 79.2 billion yen for the week ended August 19 after a record increase of 1154.7 billion yen over the previous period, and Foreign Investment in Japan Stocks for the same period fell from 45.3 billion yen to 28.5 billion yen.

The Ministry of Finance of Japan presented statistics on the level of oil purchases: last month, the country increased the transportation of "black gold" from Russia by 65.4% compared to the same period in 2021, and by 10% from the Middle East. However, Russian liquefied natural gas imports corrected downwards by 26.1%, and coal imports fell by 40.1%. Despite the fact that the rhetoric of the Japanese authorities is aimed at a phased reduction in the use of raw materials from the Russian Federation, official Tokyo announced the conclusion of contracts with the new operator of the Sakhalin-2 project, LLC Sakhalin Energy.


Bollinger Bands in D1 chart show moderate growth. The price range expands, freeing a path to new local highs for the "bulls". MACD tends to reverse into the descending plane preserving the previous buy signal (located above the signal line). Stochastic shows a more confident decline, testing the level of "80" for a breakdown. Current readings of the indicator signal in favor of a corrective decline in the ultra-short term.

Resistance levels: 137.50, 138.50, 139.50, 140.50. | Support levels: 136.50, 135.57, 134.54, 134.00.




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