US NATGAS: NGPL Issues Force Majeure on Gulf Coast Mainline Receipt Zone

• RES 4: 175.43 High Jul 11 ‘24 and a key medium-term resistance  
• RES 3: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 2: 173.43 High Jul 12 ‘24
• RES 1: 173.24 High Jul 15
• PRICE: 172.31 @ 17:10 BST Jul 21
• SUP 1: 171.84  Low Jul 16  
• SUP 2: 170.67 20-day EMA 
• SUP 3: 169.32 Low Jul 3   
• SUP 4: 167.90 50-day EMA   

A bull cycle in EURJPY remains firmly in place and fresh cycle highs last week reinforce current conditions. A price sequence of higher highs and higher lows highlights a dominant uptrend and note that moving average studies are in a bull-mode position. Sights are on 173.43, the Jul 12 ‘24 high. Support to watch lies at 170.67, the 20-day EMA. A move below this average would signal scope for a corrective pullback. 

• RES 4: 151.21 High Mar 28
• RES 3: 150.49 High Apr 2  
• RES 2: 149.38 50.0% retracement of the Jan 10 - Apr 22 bear leg 
• RES 1: 149.18 High Jul 16
• PRICE: 147.30 @ 17:09 BST Jul 21
• SUP 1: 146.92 Low Jul 16   
• SUP 2: 146.55 20-day EMA 
• SUP 3: 145.78 50-day EMA
• SUP 4: 144.23 Low Jul 7 

A bull cycle in USDJPY remains in place despite the Monday sell-off and last week’s gains mark an extension of the current uptrend. The latest rally has resulted in a breach of  resistance at 148.03, the Jun 23 high, and a move through key resistance at 148.65, the May 12 high. The break strengthens the bullish theme and sights are on 149.38, a Fibonacci retracement. On the downside, key short-term support is seen at 145.78, the 50-day EMA.  

President Donald Trump's approval rating continues to trend negative, as polls reflect a lukewarm response to the GOP's reconciliation package - the One Big Beautiful Bill - and elements of Trump's MAGA base express dissatisfaction with the administration's handling of the Jeffrey Epstein case. 

• Ruth Igelnik at the New York Times notes: "Recent polls have shown President Trump’s agenda to be largely unpopular with the public. A majority of Americans expect his signature domestic policy bill will hurt the country, disapprove of his handling of the files in the case of Jeffrey Epstein, and oppose deporting undocumented immigrants to countries other than their own, according to a recent Quinnipiac Poll. And an increasing share of Americans think Trump is focused on the wrong priorities, according to a CNN/SSRS poll."
• Silver Bulletin notes: "The share of Americans who strongly approve of Trump has also fallen below 27 percent for the first time in his second term. About 43 percent of Americans strongly disapprove of Trump."

Figure 1: Trump Approval Rating

Source: New York Times