MNI DAILY TECHNICAL ANALYSIS - JPY Dip Deemed Corrective

Price Signal Summary – JPY Dip Deemed Corrective

• The trend condition in S&P E-Minis is bearish and the latest recovery appears corrective. MA studies are unchanged - they remain in a bear-mode set-up, highlighting a dominant downtrend. The medium-term trend direction in Eurostoxx 50 futures is up and short-term weakness is considered corrective. Support to watch is the 50-day EMA, at 5288.25. It has recently been pierced.
• The GBPUSD trend needle continues to point north and the latest shallow pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. USDJPY traded higher Monday. The primary trend direction is down and recent gains are considered corrective. Attention is on key resistance at 151.00, the 50-day EMA. USDCAD continues to trade closer to its recent lows. The bull cycle that started Feb 14 is intact and moving average studies remain in a bull-mode position, highlighting a dominant uptrend.
• A clear uptrend in Gold remains intact and last week’s resumption of the bull cycle reinforces current conditions. The yellow metal is holding on to the bulk of its recent gains. Last Thursday’s fresh trend high reinforces the bull theme and sights are on $3079.2 next, a Fibonacci projection. Despite recent gains, a bearish trend condition in WTI futures remains intact. However, a key pivot resistance at $69.12, the 50-day EMA, has been pierced. A clear breach of this hurdle would strengthen a bullish theme and open $70.98, the Feb 25 high.
• Bund futures are in consolidation mode and holding on to their recent gains. Resistance remains intact and - for now - gains are considered corrective. The move higher has allowed an oversold trend condition to unwind. The short-term trend outlook in Gilt futures remains bearish and recent gains appear to have been a correction. Monday’s move lower reinforces a bear theme. Key short-term resistance has been defined at 93.01, the Mar 20 high.

FOREIGN EXCHANGE    

EURUSD TECHS: Pullback Considered Corrective      

• RES 4: 1.1083 High Oct 2 2024  
• RES 3: 1.1040 High Oct 4 2024
• RES 2: 1.0961 76.4% retracement of the Sep 25 ‘24 - Feb 3 bear leg
• RES 1: 1.0955 High Mar 18  
• PRICE: 1.0803 @ 05:59 GMT Mar 25
• SUP 1: 1.0760 20-day EMA   
• SUP 2: 1.0624 50-day EMA and a short-term pivot level      
• SUP 3: 1.0471 Low Mar 4     
• SUP 4: 1.0360 Low Feb 28 and a key support  

A corrective phase in EURUSD remains in play and the pair continues to trade below its recent highs. The trend outlook is unchanged, the direction remains up and moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights on 1.0961 next, a Fibonacci retracement. Clearance of this level would open 1.1040, the Oct 4 ‘24 high. First support to watch is 1.0760, the 20-day EMA. 

GBPUSD TECHS: Monitoring Support At The 20-Day EMA     

• RES 4: 1.3175 High Oct 4 2024  
• RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
• RES 2: 1.3048 High Nov 6 ‘24
• RES 1: 1.3015 High MAr 20 and the bull trigger  
• PRICE: 1.2921 @ 06:10 GMT Mar 25 
• SUP 1: 1.2886 Low Mar 21     
• SUP 2: 1.2861 20-day EMA
• SUP 3: 1.2722 50-day EMA and a short-term pivot support  
• SUP 4: 1.2556 Low Feb 28      

The GBPUSD trend needle continues to point north and the latest shallow pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. A resumption of gains would pave the way for a climb towards 1.3048, the Nov 6 2024 high. Initial firm support to watch is 1.2855, the 20-day EMA. Clearance of this level would signal scope for a deeper retracement towards the 50-day EMA, at 1.2722.                  

EURGBP TECHS: Support At The 50-Day EMA Remains Exposed   

• RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 ‘24 bear leg         
• RES 3: 0.8494 High Aug 26 ‘24 
• RES 2: 0.8474 High Jan 20 and a key resistance
• RES 1: 0.8428/8450 High Mar 18 / 11 and the bull trigger     
• PRICE: 0.8357 @ 06:31 GMT Mar 25 
• SUP 1: 0.8351/46 50-day EMA and pivot support / Low Mar 24
• SUP 2: 0.8321 61.8% retracement of the Mar 3 - 11 bull leg 
• SUP 3: 0.8391 76.4% retracement of the Mar 3 - 11 bull leg 
• SUP 4: 0.8241 Low Mar 3 and a key support 

A retracement mode in EURGBP remains in play. The cross has recently breached 0.8369, the Mar 14 low, and attention is on the 50-day EMA, at 0.8351. The average marks a key short-term pivot level and has been pierced. A clear break of it would undermine the recent bull theme and signal scope for a deeper pullback, towards 0.8321, a Fibonacci retracement. Key resistance and the bull trigger is 0.8450, the Mar 11 high. 

USDJPY TECHS: Approaching A Key Resistance       

• RES 4: 154.80 High Dec 12 ‘24 and a key resistance     
• RES 3: 152.70 50.0% retracement of the Jan 10 - Mar 11 bear leg  
• RES 2: 151.30 High Mar 3  
• RES 1: 151.00 50-day EMA and a key short-term resistance  
• PRICE: 150.54 @ 07:01 GMT Mar 25 
• SUP 1: 148.18/146.54 Low Mar 20 / 11 and the bear trigger   
• SUP 2: 147.36 1.0% 10-dma envelope
• SUP 3: 145.00 Round number support 
• SUP 4: 144.13 76.4% retracement of the 16 ‘24 - Jan 10 bull leg 

USDJPY traded higher Monday. The primary trend direction is down and recent gains are considered corrective. Attention is on key resistance at 151.00, the 50-day EMA. A clear break of this average would signal scope for a stronger rally. For bears, a resumption of weakness would refocus sights on key support and the bear trigger at 146.54, the Mar 11 low. Clearance of this level would resume the downtrend.  

EURJPY TECHS: Support Remains Intact            

• RES 4: 165.43 High Nov 8        
• RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance   
• RES 2: 164.55 High Jan 7
• RES 1: 164.19 High Mar 18 and the bull trigger 
• PRICE: 162.63 @ 07:10 GMT Mar 25 
• SUP 1: 160.74 Low Mar 20
• SUP 2: 160.28 50-day EMA 
• SUP 3: 158.90 Low Mar 10  
• SUP 4: 158.00 Round number support 

A recent sell-off in EURJPY appears corrective and has allowed an overbought trend condition to unwind. Short-term pivot support to watch is 160.37, the 50-day EMA. A break of this level would signal potential for a deeper retracement. Recent gains resulted in a print above resistance at 164.08, the Jan 24 high. A clear break of this hurdle would strengthen a bullish condition and open 164.90, the Dec 30 ‘24 high.    

AUDUSD TECHS: Monitoring Support           

• RES 4: 0.6429 High Dec 12 ‘24
• RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg              
• RES 2: 0.6409 High Feb 21 and a bull trigger 
• RES 1: 0.6391 High Mar 17 / 18 
• PRICE: 0.6287 @ 07:54 GMT Mar 25
• SUP 1: 0.6258 Low Mar 21
• SUP 2: 0.6187 Low Feb 4
• SUP 3: 0.6171/6088 Low Feb 4 / 3 and a key support
• SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing

AUDUSD is unchanged. A short-term bull theme remains intact and the latest pullback appears corrective. Key short-term support to watch lies at 0.6187, the Mar 4 low. A break of this level is required to reinstate a bear threat. First support is at 0.6258, the Mar 21 low. A resumption of gains would refocus attention on 0.6409, the Feb 21 high. Clearance of this hurdle would strengthen a bull cycle and resume the uptrend that started Feb 3.      

USDCAD TECHS: MA Studies Remain In A Bull-Mode Position         

• RES 4: 1.4793 High Feb 3 and key resistance
• RES 3: 1.4700 Round number resistance 
• RES 2: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg 
• RES 1: 1.4452/4543 High Mar 13 / 4 and a bull trigger  
• PRICE: 1.4322 @ 08:01 GMT Mar 25
• SUP 1: 1.4242 Low Mar 6 and a key near-term support   
• SUP 2: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
• SUP 3: 1.4011 Low Dec 5 ‘24
• SUP 4: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle

USDCAD continues to trade closer to its recent lows. The bull cycle that started Feb 14 is intact and moving average studies remain in a bull-mode position, highlighting a dominant uptrend. A near-term key support to watch lies at 1.4242, the Mar 6 low. Clearance of this level would undermine the bull theme and instead highlight potential for a test of 1.4151, the Feb 14 low and a bear trigger. The bull trigger is 1.4543, the Mar 4 high.   

FIXED INCOME

BUND TECHS: (M5) Corrective Cycle Remains In Play               

• RES 4: 130.40 Low Feb 19               
• RES 3: 129.96 High Mar 5     
• RES 2: 129.41 Low Jan 14 and a key short-term resistance  
• RES 1: 128.78 20-day EMA                   
• PRICE: 128.29 @ 06:54 GMT Mar 25
• SUP 1: 127.20/126.53 Low Mar 17 / 11 and the bear trigger       
• SUP 2: 126.28 2.618 proj of the Feb 5 - 19 - 28 price swing            
• SUP 3: 126.00 Round number support
• SUP 4: 123.36 3.00 proj of the Feb 5 - 19 - 28 price swing 

Bund futures are in consolidation mode and holding on to their recent gains. Resistance remains intact and - for now - gains are considered corrective. The move higher has allowed an oversold trend condition to unwind. Initial firm resistance to watch is seen at 129.41, the Jan 14 low. A recent impulsive sell-off reinforced a bear theme and signals scope for an extension towards 126.28 next, a Fibonacci projection. Further out, 126.00 is also within range.                                 

BOBL TECHS: (M5) Trading At Its Recent Gains       

• RES 4: 118.090 High Mar 5       
• RES 3: 117.850 Low Feb 20          
• RES 2: 117.645 50.0% retracement of the Feb 28 - Mar 6 sell-off     
• RES 1: 117.460 High Mar 21                                  
• PRICE: 117.350 @ 05:45 GMT Mar 25 
• SUP 1: 116.800 Low Mar 17       
• SUP 2: 116.470/250 Low Mar 12 / 6 and the bear trigger
• SUP 3: 116.309 3.618 proj of the minor Feb 28 - Mar 3 - 4 price swing
• SUP 4: 116.309 3.618 proj of the minor Feb 28 - Mar 3 - 4 price swing    

Bobl futures are trading at their recent gains and remain in a short-term bull cycle - a correction. The recent trend condition was oversold and the move higher has allowed this set-up to unwind. The primary trend direction is down. Former support at 117.850, the Feb 20 low, has recently been cleared. The recent sell-off signals scope for an extension towards 116.000. Firm resistance to watch is seen at 117.850, the Feb 20 low.                

SCHATZ TECHS: (M5) Corrective Phase Remains Intact                       

• RES 4: 107.120 High Mar 4 and key resistance    
• RES 3: 106.951 76..4% retracement of the Mar 4 - 6 bear leg    
• RES 2: 106.847 61.8% retracement of the Mar 4 - 6 bear leg  
• RES 1: 106.805 High Mar 24                
• PRICE: 106.790 @ 05:19 GMT Mar 25    
• SUP 1: 106.630 Low Mar 18   
• SUP 2: 106.540 Low Mar 12   
• SUP 3: 106.500 Low Mar 7   
• SUP 4: 106.405 Low Mar 6 and the bear trigger     

The latest recovery in Schatz futures is considered corrective. The move higher has allowed an oversold trend condition to unwind. Resistance to watch is 106.847, a Fibonacci retracement. The trend condition is bearish. Recent weakness resulted in a breach of key support at 106.735, the Feb 19 low. The break strengthens a bearish theme and signals scope for a deeper sell-off, towards 106.350, a Fibonacci retracement.                                                

GILT TECHS: (M5) Trend Outlook Remains Bearish       

• RES 4: 94.00 Round number resistance    
• RES 3: 93.79 High Mar 4 and a bull trigger         
• RES 2: 93.06 Low Mar 4 and a gap high on the daily chart  
• RES 1: 92.11/93.01 20-day EMA / High Mar 20 and a S/T bull trigger                       
• PRICE: 91.30 @ Close Mar 24
• SUP 1: 91.07 Low Mar 13                                      
• SUP 2: 90.71 Low Mar 6 and a bear trigger  
• SUP 3: 90.49 1.618 proj of the Feb 6 - 20 - Mar 4 price swing  
• SUP 4: 90.19 1.764 proj of the Feb 6 - 20 - Mar 4 price swing

The short-term trend outlook in Gilt futures remains bearish and recent gains appear to have been a correction. Monday’s move lower reinforces a bear theme. Key short-term resistance has been defined at 93.01, the Mar 20 high. A break of this level is required to highlight a bullish condition. For now, attention is on support at 91.07, the Mar 13 low, and the bear trigger at 90.71, the Mar 6 low. A break of 90.71 resumes the downtrend.                          

BTP TECHS: (M5) Gains Considered Corrective                               

• RES 4: 120.39 High Feb 28      
• RES 3: 119.31 Low Mar 4 and a gap high on the daily chart   
• RES 2: 118.56 High Mar 5   
• RES 1: 117.48 20-day EMA        
• PRICE: 117.25 @ Close Mar 24 
• SUP 1: 115.75 Low Mar 14 and the bear trigger  
• SUP 2: 115.52 2.618 proj of the Feb 7 - 19 - 28 price swing  
• SUP 3: 115.00 Round number support
• SUP 4: 114.81 3.000 proj of the Feb 7 - 19 - 28 price swing   

Recent gains in BTP futures appear corrective. Note that the trend has recently been in oversold territory and the latest bounce is allowing the condition to unwind. Resistance to watch 117.48, the 20-day EMA, ahead of 118.56, the Mar 5 high. A resumption of weakness and a breach of 115.75, the Mar 14 low, would confirm a continuation of the downtrend and open 115.52, a Fibonacci projection.             

EQUITIES

EUROSTOXX50 TECHS: (M5) Trend Structure Remains Bullish   

• RES 4: 5600.00 Round number resistance
• RES 3: 5562.87 0.764 proj of the Feb 3 - Mar 3 - 11 price swing  
• RES 2: 5516.00 High Mar 3 and the bull trigger   
• RES 1: 5471.00 High Mar 19 / 20             
• PRICE: 5344.00 @ 06:21 GMT Mar 25 
• SUP 1: 5288.25/5229.00 50-day EMA / Low Mar 11 and a bear trigger                
• SUP 2: 5202.00 Low Feb 2 
• SUP 3: 5160.00 Low Feb 4       
• SUP 4: 5079.00 Low Feb 3 and a key support      

The medium-term trend direction in Eurostoxx 50 futures is up and short-term weakness is considered corrective. Support to watch is the 50-day EMA, at 5288.25. It has recently been pierced. A clear break of it would highlight a stronger short-term bear threat and suggest scope for a retracement towards 5160.00, the Feb 4 low. The bull trigger is 5516.00, the Mar 3 high. Clearance of this level would resume the uptrend.       

E-MINI S&P: (M5) Trades Through The 20-Day EMA      

• RES 4: 5970.87 61.8% retracement of the Feb 19 - Mar 13 bear leg  
• RES 3: 5924.59 50-day EMA  
• RES 2: 5864.25 Low Jan 13 and a recent breakout level
• RES 1: 5825.50 High Mar 24                   
• PRICE: 5813.00 @ 07:21 GMT Mar 25  
• SUP 1: 5650.75/5559.75 Low Mar 18 / 13 and the bear trigger                  
• SUP 2: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing 
• SUP 3: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
• SUP 4: 5341.87 2.382 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing          

The trend condition in S&P E-Minis is bearish and the latest recovery appears corrective. MA studies are unchanged - they remain in a bear-mode set-up, highlighting a dominant downtrend. However, Monday’s gains resulted in a breach of the 20-day EMA, at 5803.08. This signals scope for a continuation higher near-term - towards 5864.25, the Jan 13 low. A reversal lower would refocus attention on 5559.75, the Mar 13 low and bear trigger.           

COMMODITIES

BRENT TECHS: (K5) Trades Through The 50-Day EMA 

• RES 4: $79.98 -  High Jan 15 and a reversal trigger  
• RES 3: $76.78 - High Feb 11 and a bull trigger 
• RES 2: $74.76 - High Feb 25
• RES 1: $73.17 - High Mar 24           
• PRICE: $73.12 @ 07:09 GMT Mar 25   
• SUP 1: $68.33 - Low Mar 5 and the bear trigger  
• SUP 2: $67.87 - Low Sep 10 ‘24 and a key medium-term support
• SUP 3: $66.36 1.618 proj of the Jan 15 - Feb 4 - 11 price swing
• SUP 4: $63.90 2.000 proj of the Jan 15 - Feb 4 - 11 price swing

Brent futures traded higher Monday and the contract is holding on to its recent highs. For now, gains are considered corrective. However, price has breached the 50-day EMA, at $72.83. A clear break of this average would signal scope for a stronger recovery and open $74.76 next, the Feb 25 high. Moving average studies remain in a bear-mode position highlighting a dominant downtrend. The bear trigger lies at $68.33, the Mar 5 low.   

WTI TECHS: (K5) Pierces Key Short-Term Resistance                     

• RES 4: $76.57 - High Jan 15 and the bull trigger   
• RES 3: $72.91 - High Feb 11 and key resistance 
• RES 2: $70.98 - High Feb 25  
• RES 1: $69.33 - 50-day EMA  
• PRICE: $69.26 @ 07:18 GMT Mar 25
• SUP 1: $64.85 - Low Mar 5 and the bear trigger   
• SUP 2: $63.73 - Low Sep 10 ‘24 and a key medium-term support
• SUP 3: $60.00 - Psychological round number
• SUP 4: $59.40 - 2.00 proj of the Jan 15 - Feb 4 - 11 price swing   

Despite recent gains, a bearish trend condition in WTI futures remains intact. However, a key pivot resistance at $69.12, the 50-day EMA, has been pierced. A clear breach of this hurdle would strengthen a bullish theme and open $70.98, the Feb 25 high. For bears, a reversal lower would expose the bear trigger at $64.85, the Mar 5 low. Clearance of this level would resume the downtrend and open $63.73 next, the Oct 10 ‘24 low.          

GOLD TECHS: Bulls Remain In The Driver’s Seat                    

• RES 4: $3106.8 - 2.764 proj of the Nov 14 - Dec 12 - 19 price swing    
• RES 3: $3100.0 - Round number resistance 
• RES 2: $3079.2 - 2.618 proj of the Nov 14 - Dec 12 - 19 price swing
• RES 1: $3057.5 - High Mar 20 
• PRICE: $3013.8 @ 07:25 GMT Mar 24 
• SUP 1: $2999.5 - Low Mar 18 
• SUP 2: $2964.9/2884.4 - 20-day EMA / 50-day EMA
• SUP 3: $2832.7 - Low Feb 28 and key support
• SUP 4: $2758.3 - Low Jan 30

A clear uptrend in Gold remains intact and last week’s resumption of the bull cycle reinforces current conditions. The yellow metal is holding on to the bulk of its recent gains. Last Thursday’s fresh trend high reinforces the bull theme and sights are on $3079.2 next, a Fibonacci projection. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Support is at $2964.9, the 20-day EMA.                     

SILVER TECHS: Uptrend Remains Intact        

• RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing 
• RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
• RES 2: $34.548 - High Oct 29 ‘24  
• RES 1: $34.233 - High Mar 18                                  
• PRICE: $33.150 @ 08:08 GMT Mar 25   
• SUP 1: $32.665 - Low Mar 21           
• SUP 2: $32.222/30.815 - 50-day EMA / Low Feb 28 and key support
• SUP 3: $29.704 - Low Jan 27 
• SUP 4: $28.748 - Low Dec 19 and a bear trigger 

Silver continues to trade below its recent highs. Short-term weakness is considered corrective and a bull cycle remains in play. The metal has recently breached a key resistance at $33.397, the Feb 14 high, confirming a resumption of the bull cycle that started Dec 19. This signals scope for a climb towards $34.903, the Oct 23 ‘24 high and a medium-term bull trigger. Key trend support has been defined at $30.814, the Feb 28 low.