EURJPY TECHS: Monitoring Support At The 50-Day EMA

• 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: 161.39/164.19 20-day EMA / High Mar 18 and the bull trigger 
• PRICE: 161.32 @ 16:56 GMT Apr 7 
• SUP 1: 158.30 Intraday low   
• SUP 2: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle  
• SUP 3: 155.60 Low Low Mar 4  
• SUP 4: 154.80 Low Low Feb 28  

EURJPY is trading in a volatile manner. The latest pullback still appears corrective, however, following recent weakness, a deeper retracement is likely. The 61.8% retracement point of the Feb 28 - Mar 18 bull cycle, at 158.39, has been pierced. A clear break of this level would open 157.02, the 76.4% retracement level. Initial resistance to watch is 161.39, the 20-day EMA. Key resistance is 164.19, the Mar 18 high.     

• Stocks continued to pare losses Monday, the Dow lagging modest gains in SPX eminis and Nasdaq indexes in the second half. Markets were cautious in reacting to tariff related headlines after reacting to unsubstantiated morning headlines that suggested Pres Trump was considering a 90 day pause in tariffs - stocks surged as wires reposted the false rumor but quickly retraced.
• Currently, the DJIA trades down down 216.96 points (-0.57%) at 38130.77, S&P E-Minis up 11 points (0.22%) at 5125.75, Nasdaq up 105.5 points (0.7%) at 15707.5.
• Communication Services and Information Technology sectors outperformed in late trade, interactive media and entertainment share buoyed the former: Meta Platforms +3.26%, Netflix +3.01%, Take-Two Interactive Software +2.88%, TKO Group Holdings +2.35% and Alphabet +1.86%.
• Semiconductor stocks Super Micro Computer surged 12.21%, Microchip Technology +7.26%, Lam Research +7.11%, KLA +6.55% and Arista Networks +6.51%.
• Materials and Energy sectors underperformed in late trade, Smurfit WestRock -3.21%, Dow and Amcor both -2.66%, International Flavors & Fragrances -2.61% led laggers in the Materials sector
• Meanwhile, oil and gas shares weighed on the Energy sector: Schlumberger -3.82%, Occidental Petroleum -3.50%, Devon Energy -2.01%, Chevron and APA Corp both -1.75%.

US President Donald Trump is shortly due to hold a joint press conference with Israeli Prime Minister Benjamin Netanyahu at the White House. LIVESTREAM. Today's visit is Netanyahu's second since Trump took office in January. 

• Haaretz speculates that the meeting is designed to give Trump a political win amid the fallout from his tariffs: "The planned meeting between U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu on Monday is unusual, not only because it was arranged last minute, but mainly due to the reversal of circumstances. It isn't Netanyahu who needs Trump this time, but rather Trump who needs Netanyahu."
• The New York Times notes: "Looming over the meeting this week is a point of tension: Mr. Trump’s sweeping tariffs, which did not spare Israel. Mr. Netanyahu’s office said the two men plan to discuss the tariff issue, the war in Gaza, Israel-Turkey relations, Iran and the International Criminal Court."
• Netanyahu said on the tariffs: “I can tell you that I am the first international leader, the first foreign leader, who will meet with President Trump on the issue, which is so important to the Israeli economy. There is a long line of leaders who want this regarding their economies. I think that it reflects the special personal link, as well as the special ties between the U.S. and Israel.”