EURJPY TECHS: Bullish Outlook
- 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: 163.55/164.19 High Apr 14 / High Mar 18 and the bull trigger
- PRICE: 162.86 @ 07:05 GMT Apr 25
- SUP 1: 161.29/159.48 50-day EMA / Low Apr 9
- SUP 2: 158.30 Low Apr 7 and key support
- SUP 3: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle
- SUP 4: 155.60 Low Low Mar 4
The recent pullback in EURJPY appears corrective and the trend condition remains bullish. Key short-term support has been defined at 158.30, the Apr 7 low. A break of this level is required to signal scope for a deeper retracement. This would open 157.02, a Fibonacci retracement. First support to watch is 161.29, the 50-day EMA. Attention is on 164.19, the Mar 18 high and a bull trigger. Clearance of this hurdle would resume the uptrend.
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BUND TECHS: (M5) Corrective Cycle Remains In Play
- RES 4: 130.40 Low Feb 19
- RES 3: 129.96 High Mar 5
- RES 2: 129.41 Low Jan 14 and a key short-term resistance
- RES 1: 128.72 20-day EMA
- PRICE: 128.01 @ 05:46 GMT Mar 26
- SUP 1: 127.20/126.53 Low Mar 17 / 11 and the bear trigger
- SUP 2: 126.28 2.618 proj of the Feb 5 - 19 - 28 price swing
- SUP 3: 126.00 Round number support
- SUP 4: 123.36 3.00 proj of the Feb 5 - 19 - 28 price swing
Bund futures are holding on to the bulk of their recent gains. Resistance remains intact and - for now - the latest move higher is considered corrective. The move higher has allowed an oversold trend condition to unwind. Initial firm resistance to watch is seen at 129.41, the Jan 14 low. A recent impulsive sell-off reinforced a bear theme and signals scope for an extension towards 126.28 next, a Fibonacci projection. Further out, 126.00 is also within range.
CHINA: Country Wrap: Bond Connect to Expand.
- A government advisor to the China Government has suggested that China should raise consumption to a level close to that of developed countries over the next decade (source: BBG)
- The HKMA has announced that an approval in principle agreement has been reached to expand the southbound bond connect for non-bank institutions giving more investors access to Chinese Government bonds. (source: BBG).
- China’s Hang Seng led the way today rising +0.25% after yesterday’s dramatic fall. The CSI 300 didn’t follow suit and oscillated around where it started for the trading day whilst the Shanghai Composite rose +0.20% and Shenzhen was the outperformer up +0.70%.
- CNY: Yuan Reference Rate at 7.1754 Per USD; Estimate 7.2581
- Bonds: liquidity injection via the OMO remained supportive of bonds with the CGB 10YR -0.07bp lower today at 1.81%
MNI EXCLUSIVE: A Prominent Economist On China-US Trade Talks
