EURJPY TECHS: Corrective Pullback Extends
- RES 4: 160.66 2.382 proj of the May 11 - 29 - 31 price swing
- RES 3: 160.00 Psychological handle
- RES 2: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
- RES 1: 159.49 High Aug 22
- PRICE: 157.28 @ 13:10 BST Aug 23
- SUP 1: 157.01/156.35 Intraday low / Low Aug 8
- SUP 2: 155.89 50-day EMA
- SUP 3: 151.42 Low Jul 28 and key support
- SUP 4: 150.92 Low Jun 14
The current EURJPY uptrend remains intact and the latest pullback is considered corrective. Key resistance at 158.05, Jul 21 high, has recently been cleared, confirming a resumption of the M/T uptrend. Sights are on 159.92, a Fibonacci projection ahead of the 160.00 psychological handle. Moving average studies are in a bull-mode condition, reflecting a rising trend. On the downside, the next support to watch is 155.89, the 50-day EMA.
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US: MNI POLITICAL RISK - Congress Moves Slowly As Recess Looms
- Senate Majority Leader Chuck Schumer (D-NY) will attempt to wrap-up work on the National Defense Authorization Act this week before Congress departs for the August recess.
- US District Court Judge Aileen Cannon, the judge presiding over the trial of former President Donald Trump for his mishandling of classified government documents, has set a trial date of May 20, 2024 - right in the middle of 2024 presidential election campaign season.
- US Secretary of State Antony Blinken has suggested that the Biden administration is unlikely to remove sanctions on Chinese Defence Minister Li Shangfu to restore military-to-military contact.
- A Qatari delegation has visited Iran in a bid to mediate between Washington and Tehran on nuclear issues.
- Israeli Prime Minister Benjamin Netanyahu has pressed ahead with his controversial judicial reform plan, risking a fracture with Washington.
- US Secretary of State Antony Blinken says he believes Ukraine will be provided with advanced F-16 fighter planes but cautioned that it could take, “months and months before they were actually operational.”
- Poll of the Day: Consumer confidence has increased as economic concerns have receded.
STIR: SOFR Continues To Flicker Between 5.05-5.06%
REPO REFERENCE RATES (rate, change from prev. day, volume): * Secured Overnight Financing Rate (SOFR): 5.05%, -0.01%, $1400B * Broad General Collateral Rate (BGCR): 5.03%, no change, $590B * Tri-Party General Collateral Rate (TGCR): 5.03%, no change, $582B
SOFR dips back 1bp lower to 5.05% having flickered between 5.05 and 5.06% in the past two weeks, whilst volumes fall to $1400B for the lowest since Jul 11 and before that Jun 22.
Source: New York Fed
EURIBOR OPTIONS: Call fly buyer
ERU3 96.25/96.37/96.50c fly, bought for 1 in 2.5k.
