FINANCIALS: Nykredit (NYKRE) & Spar Nord (SPNODC) Moody's ratings actions

• RES 4: 149.28 High Apr 3  
• RES 3: 148.27 High Apr 9
• RES 2: 146.89 61.8% retracement of the Mar 28 - Apr 22 bear leg 
• RES 1: 146.19/28 50-day EMA and key resistance / Intraday high
• PRICE: 145.99 @ 07:13 BST May 12
• SUP 1: 144.26/141.97 20-day EMA / Low Apr 29   
• SUP 2: 139.89 Low Apr 22 and a bear trigger 
• SUP 3: 138.82 1.500 proj of the Feb 12 - Mar 11 - 28 price swing
• SUP 4: 138.07  Low Jul 28 ‘23

The primary trend condition in USDJPY is bearish and gains since Apr 22 appear corrective. Attention is on resistance at the 50-day EMA, at 146.19. The EMA has been pierced, a clear break of it would highlight a possible reversal and open 146.89 initially, a Fibonacci retracement point. For bears, a reversal lower would expose 142.36, the May 6 low. A break of this would signal the end of the correction.

Sovereign rating reviews of note from after hours on Friday include:

• Fitch affirmed Ireland at AA; Outlook Stable
• Fitch affirmed Latvia at A-; Outlook Stable
• Moody's affirmed Germany at Aaa, outlook stable
• S&P affirmed Israel at A; Outlook Negative
• Morningstar DBRS confirmed Poland at A, Stable Trend
• Scope Ratings affirmed the United States of America at AA; Outlook Negative

• RES 4: 121.93 76.4% of the Dec 5 ‘24 - Mar 14 bear leg (cont)       
• RES 3: 121.43 1.618 proj of the Mar 14 - Apr 4 - 9 price swing    
• RES 2: 121.00 High Feb 7 (cont) and a key resistance  
• RES 1: 120.72 High May 8               
• PRICE: 120.07 @ Close May 9 
• SUP 1: 119.63 20-day EMA       
• SUP 2: 118.09 Low Apr 14       
• SUP 3: 117.28 Low Apr 10 
• SUP 4: 116.06 Low Apr 9    

A bull cycle in BTP futures remains intact and last week’s fresh short-term cycle high reinforces current conditions. The contract has pierced resistance at 120.57, the Apr 24 high. This highlights a resumption of the uptrend and note too that 120.65, a 1.382 projection of the Mar 14 - Apr 4 - 9 price swing, has also been pierced. A continuation higher would open 121.00, the Feb 7 high (cont). Firm support to watch lies at 119.59, the 20-day EMA.