RENEWABLES: CWE Morning Wind Forecast

• RES 4: 151.21 High Mar 28
• RES 3: 150.49 High Apr 2  
• RES 2: 149.38 50.0% retracement of the Jan 10 - Apr 22 bear leg 
• RES 1: 149.18 High Jul 16
• PRICE: 147.80 @ 07:15 BST Jul 22
• SUP 1: 147.08 Low Jul 21   
• SUP 2: 146.63 20-day EMA 
• SUP 3: 145.85 50-day EMA
• SUP 4: 144.23 Low Jul 7 

A bull cycle in USDJPY remains in place despite the latest pullback and the pair is holding on to the bulk of its latest gains. Recent strength has resulted in a breach of resistance at 148.03, the Jun 23 high, and a move through key resistance at 148.65, the May 12 high. The break strengthens the bullish theme and opens 149.38, a Fibonacci retracement. On the downside, key short-term support to monitor is 145.85, the 50-day EMA.

• RES 4: 122.71 2.764proj of the May 14 - 20 - 21 price swing
• RES 3: 122.35 2.500 proj of the May 14 - 20 - 21 price swing 
• RES 2: 122.00 Round number resistance
• RES 1: 121.22/121.73 20-day EMA / High Jun 13 and the bull trigger
• PRICE: 121.20 @ Close Jul 21
• SUP 1: 119.84 Low Jul 14 and key short-term support        
• SUP 2: 119.48 Low May 26 
• SUP 3: 118.87 Low May 21  
• SUP 4: 118.51 Low May 14 and key support 

The primary trend condition in BTP futures is unchanged, it remains bullish. Monday’s strong rally reinforces this theme. Key short-term support has been defined at 119.84, the Jul 14 low. A break of this level is required to reinstate a short-term bearish threat. On the upside, resistance and the bull trigger to watch is 121.73, the Jun 13 high. Clearance of this level would resume the uptrend.

• MNI: UK JUN PSNCR GBP-16.11 BN
• UK JUN CGNCR GBP15.68 BN
• UK JUN PSNB-X GBP+20.68 BN
• UK JUN PSNB GBP+20.68 BN