MACRO ANALYSIS: MNI US Macro Weekly: Mixed Readings Ahead Of Payrolls

Powell says re whether there is a growing sense on the FOMC that monetary policy isn't sufficiently restrictive: 

• "If we need to hike, we will, we will certainly signal that, and we will certainly do it. And if we need to cut, then if it's appropriate to cut, then we'll signal the opposite.. nobody's calling for a hike right now... amuch closer question this cycle on changing the guidance. But but, ultimately, we didn't"

• RES 4: 188.81 2.236 proj of the Mar 16 - 27 - 30 price swing  
• RES 3: 188.15 2.000 proj of the Mar 16 - 27 - 30 price swing
• RES 2: 188.00 Round number resistance
• RES 1: 187.95 High Apr 17 and the bull trigger
• PRICE: 187.26 @ 17:29 BST Apr 29
• SUP 1: 186.22 20-day EMA
• SUP 2: 185.02 50-day EMA
• SUP 3: 183.57 Low Apr 6 
• SUP 4: 182.59 Low Mar 30 

Bullish conditions in EURJPY remain intact and the recent pause appears to be a flag formation - a bullish continuation pattern. Recent gains resulted in a breach of 186.87, the Jan 23 high and a key medium-term hurdle. This confirmed a resumption of the uptrend. Sights are on 188.15, a Fibonacci projection. Initial firm support is 186.22, the 20-day EMA. It has been pierced, support at the 50-day EMA lies at 185.02.  

Powell repeats language on rate restrictiveness that he's used before (which has previously triggered a bit of a dovish reaction): "we're right kind of at the high end of neutral, or perhaps mildly restrictive. The labor market shows more and more signs of stability, whereas inflation is kind of misbehaving, so maybe a little bit of restriction, or the high end of neutral is just the right place to be. So, we can wait here and see and see how things work out before we act"