RUSSIA: 10 EU Members Open Gazprom Accounts to Pay for Gas in RUB
- Ten European gas companies have opened the accounts at Gazprombank needed to meet Russia’s demand to pay in rubles and 4 have already made payments, according to a source close to Russia gas giant Gazprom.
- Russia offered buyers compromise payment mechanism that would have avoided EU sanctions breach
- Poland, Bulgaria refused; payments were due Apr. 26 so supplies were cut off when they refused to pay in rubles
- Other cutoffs won’t come immediately as next payments are due in the second half of May - bbg
- Russia offered buyers compromise payment mechanism that would have avoided EU sanctions breach
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USDJPY TECHS: Approaches The Psychological 125.00 handle
- RES 4: 126.26 3.382 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
- RES 3: 125.86 125.86 High Jun 5 2015 and a major resistance
- RES 2: 125.28 High Aug 12 2015
- RES 1: 125.00 psychological round number
- PRICE: 124.52 @ 09:54 GMT Mar 28
- SUP 1: 121.97 Intraday low
- SUP 2: 120.95/120.00 Low Mar 24 / Round number support
- SUP 3: 119.04 Low Mar 21
- SUP 4: 118.55 20-day EMA
USDJPY has started the week on a firm note and bulls have not looked back as today’s impulsive rally extends. The pair is through the 124.00 handle and in the process has also cleared a number of short-term resistance levels. Current momentum suggests the USD still has the potential to extend this bull cycle, although it is worth noting that the pair is extremely overbought on the daily frequency. The focus is on the 125.00 psychological handle. Last Thursday’s low of 120.95 is seen as a firm near-term support.
USD: USDJPY is now down 1.24%
- USDIPY is now down 4% in the past 5 days, and 1.24% for today.
- That's a big 253 pips range for the session, and the USDJPY edges deeper into overbought territory.
- Immediate resistance is right here at 124.63 High Aug 13 2015.
- Above the latter, sees 124.81 3.00projection of the Dec 3 - Jan 4 - 24 price swing
JPY: USD/JPY, EUR/JPY Make Clean Breaks Higher as Sakakibara Eyes Y130.00
USD/JPY and EUR/JPY surge higher still, hitting fresh cycle highs on the back of comments from Japan's former top currency diplomat Sakakibara, as per Reuters:
- They cite him as saying that Japan should intervene in the currency market or raise interest rates to defend the yen if it weakens beyond 130 to the dollar
- Authorities don't need to take action yet as the yen's current weakness won't do too much harm to an economy
- But if the dollar rises above 130 yen, "that could cause problems"
The piece notes that while Sakakibara is not a current minister in Japan, he "retains close contact with incumbent policymakers".
