BTP TECHS: (H6) Support Remains Intact For Now
- RES 4: 121.33 High Oct 21 and a key resistance area
- RES 3: 121.37 High Nov 13
- RES 2: 121.24 High Nov 26
- RES 1: 120.77 High Dec 3
- PRICE: 120.39 @ Close Dec 4
- SUP 1: 120.17 Low Nov 20 and key short-term support
- SUP 2: 119.76 1.236 proj of the Nov 13 - 20 - 26 price swing
- SUP 3: 119.30 1.618 proj of the Nov 13 - 20 - 26 price swing
- SUP 4: 119.00 Round number support
The trend set-up in BTP futures is bullish and the sell-off this week appears corrective - for now. Key short-term support to watch has been defined at 120.17, the Nov 20 low. A clear breach of this level would undermine a bull theme and resume a recent bear leg. Note that the moving average studies on the continuation chart highlight a dominant uptrend. A resumption of gains would expose the bull trigger at 121.33, the Oct 21 high.
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BTP TECHS: (Z5) Pullback Appears Corrective
- RES 4: 123.14 1.764 proj of the Sep 3 - 11 - 25 price swing
- RES 3: 122.81 1.618 proj of the Sep 3 - 11 - 25 price swing
- RES 2: 122.53 1.500 proj of the Sep 3 - 11 - 25 price swing
- RES 1: 121.94 High Oct 17 / 22 and the bull trigger
- PRICE: 121.35 @ Close Nov 4
- SUP 1: 120.74 High Aug 5 and a recent breakout level
- SUP 2: 120.60 50-day EMA
- SUP 3: 120.13 Low Oct 10
- SUP 4: 119.48 Low Oct 7
The trend conditions in BTP futures remains bullish and recent weakness is - for now - considered corrective. Note the moving average studies are in a bull-mode position, highlighting a dominant uptrend. The bull trigger is 121.94, the Oct 17 / 24 high. Initial firm support to watch is 120.74, the Aug 5 high. The contract is overbought, a deeper retracement would allow this condition to unwind.
USDJPY TECHS: Trend Needle Points North
- RES 4: 155.89 High Feb 3
- RES 3: 155.53 2.00% retracement of the Jan 10 - Apr 22 bear leg
- RES 2: 154.80 High Feb 12
- RES 1: 154.48 High Nov 4
- PRICE: 153.52 @ 07:08 GMT Nov 5
- SUP 1: 152.96 High Oct 10
- SUP 2: 152.21 20-day EMA
- SUP 3: 150.41 50-day EMA
- SUP 4: 149.38 Low Oct 17
The trend condition in USDJPY unchanged, it remains bullish despite the recent fade off highs. The break higher last week confirmed a resumption of the uptrend and note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 154.80, the Feb 12 high. First important support to watch lies at 152.21, the 20-day EMA. A deeper pullback would be considered corrective.
FINLAND T-BILL AUCTION PREVIEW: On offer next week
Finland has announced it will be looking to sell a combined E2.0bln of the following at its auction next Tuesday, November 11:
- the 6-month May 13, 2026 RFTB
- the 9-month Aug 13, 2026 RFTB
