HEALTHCARE: Bayer (BAYN GR Baa2 neg/BBB/BBB) Union & Deka

• RES 4: 165.43 High Nov 8        
• RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance   
• RES 2: 164.55 High Jan 7
• RES 1: 164.19 High Mar 18 and the bull trigger 
• PRICE: 162.63 @ 07:10 GMT Mar 25 
• SUP 1: 160.74 Low Mar 20
• SUP 2: 160.28 50-day EMA 
• SUP 3: 158.90 Low Mar 10  
• SUP 4: 158.00 Round number support 

A recent sell-off in EURJPY appears corrective and has allowed an overbought trend condition to unwind. Short-term pivot support to watch is 160.37, the 50-day EMA. A break of this level would signal potential for a deeper retracement. Recent gains resulted in a print above resistance at 164.08, the Jan 24 high. A clear break of this hurdle would strengthen a bullish condition and open 164.90, the Dec 30 ‘24 high.

• RES 4: 120.39 High Feb 28      
• RES 3: 119.31 Low Mar 4 and a gap high on the daily chart   
• RES 2: 118.56 High Mar 5   
• RES 1: 117.48 20-day EMA        
• PRICE: 117.25 @ Close Mar 25 
• SUP 1: 115.75 Low Mar 14 and the bear trigger  
• SUP 2: 115.52 2.618 proj of the Feb 7 - 19 - 28 price swing  
• SUP 3: 115.00 Round number support
• SUP 4: 114.81 3.000 proj of the Feb 7 - 19 - 28 price swing   

Recent gains in BTP futures appear corrective. Note that the trend has recently been in oversold territory and the latest bounce is allowing the condition to unwind. Resistance to watch 117.48, the 20-day EMA, ahead of 118.56, the Mar 5 high. A resumption of weakness and a breach of 115.75, the Mar 14 low, would confirm a continuation of the downtrend and open 115.52, a Fibonacci projection.

• RES 4: 154.80 High Dec 12 ‘24 and a key resistance     
• RES 3: 152.70 50.0% retracement of the Jan 10 - Mar 11 bear leg  
• RES 2: 151.30 High Mar 3  
• RES 1: 151.00 50-day EMA and a key short-term resistance  
• PRICE: 150.54 @ 07:01 GMT Mar 25 
• SUP 1: 148.18/146.54 Low Mar 20 / 11 and the bear trigger   
• SUP 2: 147.36 1.0% 10-dma envelope
• SUP 3: 145.00 Round number support 
• SUP 4: 144.13 76.4% retracement of the 16 ‘24 - Jan 10 bull leg 

USDJPY traded higher Monday. The primary trend direction is down and recent gains are considered corrective. Attention is on key resistance at 151.00, the 50-day EMA. A clear break of this average would signal scope for a stronger rally. For bears, a resumption of weakness would refocus sights on key support and the bear trigger at 146.54, the Mar 11 low. Clearance of this level would resume the downtrend.