EURJPY TECHS: Bullish Trend Structure
- 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: 162.07 @ 17:03 GMT Apr 24
- SUP 1: 161.25/159.48 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
EURJPY is unchanged and in consolidation mode. The recent pullback appears corrective and the trend condition is bullish. Key S/T 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. For bulls, a resumption of gains would expose 164.19, the Mar 18 high and a bull trigger. Clearance of this hurdle would resume the uptrend.
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US STOCKS: Late Equities Roundup: Narrow Ranges, Media & Discretionary Leading
- Stocks continue to hold narrow ranges late Tuesday, trading near steady (SPX Eminis) to mildly mixed, the tech-heavy Nasdaq mildly higher. Currently, the DJIA trades down 92.54 points (-0.22%) at 42491.35, S&P E-Minis down 3 points (-0.05%) at 5812.5, Nasdaq up 27.8 points (0.2%) at 18216.44.
- Communication Services and Consumer Discretionary sectors outperformed in late trade, interactive media and entertainment names supporting the former with Netflix +2.21%, Fox Corp +1.87%, Take-Two Interactive Software +1.65% and Interpublic Group +1.45%
- Consumer Discretionary sector buoyed by Wynn Resorts +2.25%, Garmin +1.58%, General Motors +1.48% and Ulta Beauty +1.33%.
- On the flipside, Utilities and Health Care sectors underperformed in the second half, Vistra Corp -2.81%, Eversource Energy -2.68%, FirstEnergy -2.64%, Edison International and Dominion Energy both -2.34%.
- Meanwhile, pharmaceuticals weighed on the Health Care sector: Merck & Co -5.43%, AbbVie -3.86%, Regeneron Pharmaceuticals -3.36% and Amgen -3.11%.
GBPUSD TECHS: Monitoring Support At The 20-Day EMA
- RES 4: 1.3175 High Oct 4 2024
- RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 2: 1.3048 High Nov 6 ‘24
- RES 1: 1.3015 High MAr 20 and the bull trigger
- PRICE: 1.2954 @ 16:15 GMT Mar 25
- SUP 1: 1.2886 Low Mar 21
- SUP 2: 1.2861 20-day EMA
- SUP 3: 1.2722 50-day EMA and a short-term pivot support
- SUP 4: 1.2556 Low Feb 28
The GBPUSD trend needle continues to point north and the latest shallow pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. A resumption of gains would pave the way for a climb towards 1.3048, the Nov 6 2024 high. Initial firm support to watch is 1.2861, the 20-day EMA. Clearance of this level would signal scope for a deeper retracement towards the 50-day EMA, at 1.2722.
PIPELINE: Late Corporate Bond Update
$15.25B to price Tuesday:
- Date $MM Issuer (Priced *, Launch #)
- 03/25 $4.4B #Bausch Health 7NC3 10%
- 03/25 $3B *MTR $500M 5Y +40, $1B 10Y +58. $1.5B 30Y +70
- 03/25 $2B #LG Energy $400M 3Y +135, $600M 5Y +145, $300M 5Y SOFR+170, $700M 10Y +170
- 03/25 $1.75B #Côte d'Ivoire 10y WAL 8.45%
- 03/25 $1.25B #NWB 3Y SOFR+36
- 03/25 $1.25B #NDB 3Y SOFR +65
- 03/25 $1B *MuniFin WNG 5Y SOFR+46
- 03/25 $1B *JFM 5Y SOFR+64
- 03/25 $1B #IDB 5Y SOFR+49
- 03/25 $500M #AerCap WNG +30NC5 6.5%
- Expected Wednesday:
- 03/26 $Benchmark Kingdom of Belgium 10Y SOFR+67a
