EUROZONE ISSUANCE: EGB Supply

• RES 4: 152.00 1.382 proj of the Mar 20 - 21 - Apr 6 price swing
• RES 3: 151.61 High May 2 and the bull trigger
• RES 2: 150.32 76.4% retracement of the May 2 - 11 bear leg
• RES 1: 150.06 Intraday high
• PRICE: 149.67 @ 06:42 BST May 23
• SUP 1: 148.26 20-day EMA
• SUP 2: 146.69/13 50-day EMA / Low May 11
• SUP 3: 145.67 High Mar 31
• SUP 4: 145.22 2.0% 10-dma envelope

EURJPY maintains a short-term bullish tone. A continuation higher would signal scope for a climb towards 150.32 next, a Fibonacci retracement, ahead of 151.61, the May 2 high and a bull trigger. The 50-day EMA, which intersects at 146.69 today, remains intact and marks a key support. A clear break of this average is required to signal a resumption of bearish activity. Initial support lies at 148.26, the 20-day EMA.

Austria and Italy both still look to sell bills this week while Germany and France came to the market yesterday. We look for issuance at first round operations of E16.6bln, down from last week's E18.7bln.

• This morning Austria will come to the market to launch the new 3-month Aug 24, 2023 Green ATB for E1.5bln and reopen E1.0bln of the 5-month Oct 27, 2023 ATB.
• Italy will conclude this week's eurozone bill issuance on Friday, with a new 6-month BOT on offer. Further details including the auction size will be announced on Tuesday.