USDJPY TECHS: Bear Cycle Extends
- RES 4: 136.99 High Mar 10
- RES 3: 135.11 High Mar 15
- RES 2: 133.00/133.43 High Mar 22 / 20-day EMA
- RES 1: 131.66 High Mar 23
- PRICE: 129.89 @ 10:24 GMT Mar 24
- SUP 1: 129.75/64 76.4% of the Jan 16 - Mar 8 rally / Intraday low
- SUP 2: 129.12 High Feb 2
- SUP 3: 128.09 Low Feb 2
- SUP 4: 127.23 Low Jan 16 and key support
The USDJPY downtrend remains intact and the pair has traded lower again today, reinforcing current conditions. The continuation lower maintains the current bearish price sequence of lower lows and lower highs. Price has pierced 129.75, 76.4% of the Jan 16 - Mar 8 rally. A clear break would open 129.12, the Feb 2 low. Firm resistance is seen at the 20-day EMA, at 133.43 where a break is required to ease bearish pressure.
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GREECE T-BILL AUCTION RESULTS: 26-week GTBs
| Type | 26-week GTB |
| Maturity | Aug 25, 2023 |
| Amount | E625mln |
| Target | E625mln |
| Previous | E625mln |
| Avg yield | 3.07% |
| Previous | 2.40% |
| Bid-to-cover | 2.21x |
| Previous | 2.46x |
| Previous date | Jan 25, 2023 |
ITALY AUCTION RESULTS: Decent auction
- BTP futures have continued to move lower following the BTP-ST / BTPei auction despite some decent results.
- The results of the 0.10% May-33 BTPei auction were very much in line with those seen in the January auction while there was strong demand for the new 3.40% Mar-25 BTP Short-Term. The latter had moved higher 5-10 minutes ahead of the bidding deadline but outside of that 5 minute period, the price achieved exceeded any price seen in the grey market in the 90 minutes ahead of the auction deadline.
CHINA-JAPAN: China FM-We'll Deal w/Differences To Avoid Regression In Relations
MNI (London) - The Chinese Foreign Ministry has released a statement following the security talks between Vice Foreign Minster Sun Weidong and Japanese Senior Deputy Minister for Foreign Affairs Shigeo Yamada. These are the first security talks between ministers from the two nations in four years. In late 2022, Japan announced a major planned increase in defence spending as concerns in Tokyo of a future Chinese invasion of Taiwan have escalated following Russia's war on Ukraine.
- Statement reads: 'Sino-Japanese relations have not changed, and will not change in the face of current complex and changing international and regional situations.'
- Statement: 'Will deal with differences appropriately to ensure Sino-Japanese relations doe not stagnate or regress.'
- Statement: 'Taiwan among important issues related to basic trust between both countries and foundation of Sino-Japanese relations, hopes Japan will learn from history.'
