USDJPY TECHS: Bear Cycle Remains In Play

Spain looks to sell bills today while Germany and France came to the market yesterday. We look for issuance at first round operations of E11.2bln, down from last week's large E35.4bln.

• Spain will conclude issuance for the week this morning, reopening 3-month Sep 8, 2023 letras and the 9-month Mar 8, 2024 letras for a combined E1.5-2.5bln.

For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar.

• RES 4: 4457.50 0.5 proj of the Mar 20 - Apr 21 - May 4 price swing
• RES 3: 4448.00 High Jan 2008 (cont)
• RES 2: 4409.50 High Nov 18 2021 (cont) and a major resistance
• RES 1: 4362.00 High May 29
• PRICE: 4346.00 @ 06.15 BST Jun 13
• SUP 1: 4216.00 Low May 31 and the bear trigger
• SUP 2: 4200.00 Round number support
• SUP 3: 4175.00 Low Mar 30
• SUP 4: 4164.00 High Mar 22

Eurostoxx 50 futures are trading higher today. Attention turns to resistance at 4362.00, the May 29 high. Clearance of this level would be a bullish development and signal scope for an extension higher towards key resistance at 4409.50, the Nov 18 2021 high on the continuation chart. The recent break of a number of support levels still highlights a potential bearish threat. A reversal lower would expose 4216.00, May 31 low and bear trigger.