US STOCKS: Late Equities Roundup: Holding Narrow Ranges Ahead Earnings
* US equity indexes hold near steady (SPX emini) to mixed late Wednesday, the DJIA narrowly outper...
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USDJPY TECHS: Northbound
- RES 4: 163.00 Round number resistance
- RES 3: 162.28 1.764 proj of the Jan 27 - Feb 9 - Feb 12 price swing
- RES 2: 162.14 1.0% 10-dma envelope
- RES 1: 161.95 High Jul 3 ’24 and a major resistance
- PRICE: 161.73 @ 15:38 BST Jun 22
- SUP 1: 160.99 Low Jun 19
- SUP 2: 160.13 20-day EMA
- SUP 3: 159.34 50-day EMA
- SUP 4: 158.74 Low May 25
Bullish conditions in USDJPY remain intact, but Monday’s volatility shows markets can’t assume a consistent upward trajectory. Recent gains resulted in a breach of 160.72, the Apr 30 high, to confirm a resumption of the uptrend. This paves the way for an extension towards 161.95 next, the Jul 3 ‘24 major high. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Key support is seen around the 50-day EMA, currently at 159.34.
PIPELINE: Corporate Bond Update: $6.3B Mexico 2Pt Debt Launched
- Date $MM Issuer (Priced *, Launch #)
- 06/22 $6.3B #Mexico $4.8B +11Y +185, $1.5B 2056 Tap +195
- 06/22 $3.5B #Intesa Sanpaolo $1.5B 4NC3 +80, $1B 6NC5 +95, $1B 11NC10 +150
- 06/22 $2B *DBS Bank 3Y SOFR+42
- 06/22 $1.25B #Credit Agricole 6NC5 +90
- 06/22 $1.2B #Republic Services $700M 5Y +50, $500M 10Y +62
- 06/22 $1B #Bank Leumi $600M 3Y +110, $400M 7Y +125
- 06/22 $700M *Western Midstream 10Y +123
- 06/22 $750M GFL Environmental 5NC2 5.75%
- 06/22 $600M #CNH Industrial Capital 5Y +75
- 06/22 $600M #Agilent Technologies +5Y +62
- 06/22 $500M *Posco International 5Y +90
- 06/22 $500M #Denso 5Y WNG +58
EURGBP TECHS: Bearish Threat
- RES 4: 0.8747 76.4% retracement of the Feb 27 - Mar 16 bear leg
- RES 3: 0.8742 High Mar 31 and Apr 1 and a bull trigger
- RES 2: 0.8731 High May 18
- RES 1: 0.8694 Intraday high
- PRICE: 0.8634 @ 15:37 BST Jun 22
- SUP 1: 0.8618 Low May 25
- SUP 2: 0.8610 Low Mar 16 and the bear trigger
- SUP 3: 0.8597 Low Aug 14 ‘25
- SUP 4: 0.8576 Low Jul 2 ‘25
A sharp sell-off Monday in EURGBP highlights a bearish threat and recent gains appear to have been corrective. Note that moving average studies are in a bear-mode position and this also continues to highlight dominant downtrend, suggesting gains are corrective. The key support and bear trigger lies at 0.8610, the Mar 16 low. Key short-term resistance has been defined at today’s 0.8694 high.
