SWEDEN: Flash Dec Inflation Due Tomorrow, Unlikely To Be A Riksbank Gamechanger

JPY selling goes through on the back of reports of an earthquake warning issue off Aomori in Japan, reported to have hit the prefecture and triggered a shaking intensity of 6 on the scale of 7.

• NHK reports the earthquake has an initial magnitude of 7.2, with an accompanying red tsunami warning: Tsunami height is expected to be up to 3 meters (9.8 feet). This indicates a "High" threat where low-lying areas will be flooded and buildings damaged.
• USDJPY rallies to touch 155.74 on the headlines, hitting a new intraday high in the process. This puts prices through 155.70 to expose 156.12, the 50% retracement of the downleg posted off the mid-November highs at 157.89.

• EUR: 13% (below pace).
• GBP: 36% (above pace).
• JPY: 32% (above pace).
• CHF: 29% (above pace).
• CAD: 9% (below pace).
• AUD: 25% (above pace).
• NZD: 19% (above pace).
• SEK: 35% (above pace).
• NOK: 21% (above pace).

• RES 4: 7000.00 Psychological round number
• RES 3: 6953.75 High Oct 30 and bull trigger
• RES 2: 6918.50 High Oct 31
• RES 1: 6905.00 High Dec 5    
• PRICE: 6887.25 @ 14:28 GMT Dec 8
• SUP 1: 6797.09 20-day EMA  
• SUP 2: 6749.07 50-day EMA 
• SUP 3: 6674.50 Low Nov 25 
• SUP 4: 6525.00 Low Nov 21 and a key support

A bullish theme in S&P E-Minis is intact. Price remains above the 20- and 50- day EMAs. Note that recent gains signal the likely end of the corrective cycle between Oct 30 and Nov 21. A continuation higher would highlight potential for a move towards the key resistance and bull trigger at 6953.75, the Oct 30 high. Key support lies at 6525.00, the Nov 21 low. First support is at 6797.09, the 20-day EMA.