USDJPY TECHS: Northbound
- RES 4: 152.31 High Feb 19
- RES 3: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
- RES 2: 151.21 High Mar 28
- RES 1: 150.79 High Apr 2
- PRICE: 150.62 @ 18:27 BST Jul 31
- SUP 1: 147.30 20-day EMA
- SUP 2: 146.33/145.86 50-day EMA / Low Jul 24
- SUP 3: 145.16 61.8% retracement of the Jul 1 - 16 bull cycle
- SUP 4: 144.21 76.4% retracement of the Jul 1 - 16 bull cycle
A strong bull cycle in USDJPY remains in place and this week’s climb reinforces this theme - the pair has breached the bull trigger at 149.18, the Jul 16 high. The move higher confirms a resumption of the uptrend and sights are on 150.49 next, the Apr 2 high, ahead of 151.21, the Mar 28 high. Pivot support to monitor is 146.33, the 50-day EMA. A clear breach of it would signal a reversal. First support is at 147.30, the 20-day EMA.
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US TSY FUTURES: BLOCK: Sep'25 2Y Sale
- -12,035 TUU5 103-28.5, sell through 103-28.75 post time bid at 1354:06ET, DV01 $465,000.
- The 2Y trades 103-28.38 last (-4)
EURGBP TECHS: Bullish Trend Conditions Remain Intact
- RES 4: 0.8694 High Apr 14
- RES 3: 0.8648 76.4% retracement of the Apr 11 - May 29 downleg
- RES 2: 0.8624 High Apr 21
- RES 1: 0.8597 High Jul 01
- PRICE: 0.8588 @ 16:18 BST Jul 1
- SUP 1: 0.8514/8482 20- and 50-day EMA values
- SUP 2: 0.8459 Low Jun 11
- SUP 3: 0.8407 Low Jun 4
- SUP 4: 0.8356 Low May 29 and the bear trigger
The trend condition in EURGBP remains bullish and Monday’s strong start to the week reinforces current conditions. Moving average studies have recently crossed and are currently in a bull-mode position - highlighting a dominant uptrend. 0.8592, 61.8% of the Apr 11 - May 29 downleg, has been pierced. Sights are on 0.8624, the Apr 21 high. Support to watch lies at 0.8482, the 50-day EMA. Clearance of this level would highlight a possible reversal.
LOOK AHEAD: Wednesday Data Calendar: June ADP Employment
- US Data/Speaker Calendar (prior, estimate)
- 07/02 0700 MBA Mortgage Applications (1.1%, --)
- 07/02 0730 Challenger Job Cuts YoY (47.0%, --)
- 07/02 0815 ADP Employment Change (37k, 95k)
- 07/02 1130 US Tsy $65B 17W bill auctions
- Source: Bloomberg Finance L.P. / MNI
