EGB OPTIONS: Bund outright Call buyer

• In FX, EURUSD has been in a corrective cycle since Jun 24. The move higher has delivered a print above the 20-day EMA - at 1.1435. A clear break of this EMA would signal scope for a stronger recovery, towards 1.1500, the 50-day EMA. Trend conditions remain bearish. The bear trigger is 1.1325, the June 24 low.
• Tuesday’s sell-off in GBPUSD resulted in a full retracement of the rally on Jul 15. Note too that the pair has traded through both the 20- and 50-day EMAs. This exposes the key short-term support at 1.3342, the Jul 14 low. On the upside, key resistance and the bull trigger has been defined at 1.3558, the Jul 15 high.
• Bullish conditions in USDJPY remain intact and Tuesday’s rally reinforces this theme. The break of 162.84, the Jul 1 high and bull trigger, confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. This opens 164.31, the top of a bull channel drawn from the Feb 12 low. Key support is 161.00, the 50-day EMA.

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