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• RES 4: 152.31 High Feb 19 
• RES 3: 151.78 2.0% 10-dma envelope
• RES 2: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
• RES 1: 151.21 High Mar 28 & Oct 07
• PRICE: 151.17 @ 16:39 BST Oct 7
• SUP 1: 149.05 Low Oct 6 
• SUP 2: 148.10/147.67 20- and 50-day EMA values   
• SUP 3: 146.59 Trendline support drawn from the Apr 22 low 
• SUP 4: 145.49 Low Sept 17

A bullish theme remains intact in USDJPY following Monday's strong start to the week. The move higher has resulted in a breach of resistance at 149.96, the Sep 26 high and a key short-term resistance. This has exposed the key medium-term resistance at 150.92, the Aug 1 high. It has been pierced, a clear break of it would confirm a resumption of the bull leg that started Apr 22. Monday’s intraday low at 149.05 is first support.

• RES 4: 0.8835 High May 3 2023  
• RES 3: 0.8800 Round number resistance 
• RES 2: 0.8769 High Jul 28 and the bull trigger 
• RES 1: 0.8751 High Sep 25  
• PRICE: 0.8685 @ 16:38 BST Oct 7
• SUP 1: 0.8673/8597 50-day EMA / Low Aug 14 and the bear trigger
• SUP 2: 0.8633 Low Sep 15 
• SUP 3: 0.8562 50.0% retracement May 29 - Jul 28 upleg
• SUP 4: 0.8540 Low Jun 30

Short-term weakness in EURGBP appears corrective and the trend condition is bullish. The cross traded lower on Monday. Initial firm support to watch lies at 0.8673, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. Note that the key trend support lies at  0.8597, the Aug 14 low. A breach of this level would instead reinstate a bearish threat. For bulls, key resistance and the bull trigger is 0.8769, the Jul 28 high. 

$7.85B total to price Tuesday:

• Date $MM Issuer (Priced *, Launch #)
• 10/07 $2.5B *Bank of England 5Y +8a
• 10/07 $1.75B *CPPIB 3Y SOFR+39
• 10/07 $1.75B #Angola $1B +5Y 9.25%, $750M 10Y 10.125%
• 10/07 $1.15B #TD Synnex $550M +3Y +75, $600M 10Y +118
• 10/07 $700M *Türkiye Garanti Bankası 10.5NC5.5 7.625%