OIL PRODUCTS: Oil Products End of Day Summary: Cracks Climb

• RES 4: 151.30 High Mar 3   
• RES 3: 150.33/151.21 50-day EMA / High Mar 28 and reversal trigger 
• RES 2: 149.00 20-day EMA
• RES 1: 148.18 Low Mar 20 
• PRICE: 146.99 @ 16:30 BST Apr 8
• SUP 1: 144.56 Low Apr 4  
• SUP 2: 144.13 76.4% retracement of the Sep 16 ‘24 - Jan 10 bull leg
• SUP 3: 143.43 Low Oct 2 ‘24
• SUP 4: 142.95 1.00 proj of the Feb 12 - Mar 11 - 28 price swing

USDJPY maintains a bearish tone following last week’s sharp sell-off and the latest recovery is - for now - considered corrective. A resumption of the downtrend and a break of Friday’s 144.56 low would signal scope for an extension towards 144.13, a Fibonacci retracement point. Initial firm resistance to watch is 149.00, the 20-day EMA. Resistance at the 50-day EMA, is at 150.33.

Short end support gains traction in late trade, heavy volumes as curves twist steeper: 2s10s +10.26 at 51.71 -- steepest level since mid-February 2022:

• +16,250 TYK5 113/114 call spds 11 vs. 111-18/0.11%