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

• RES 4: 149.28 High Apr 3 
• RES 3: 148.65 High May 12 and a reversal trigger 
• RES 2: 148.03 High Jun 23
• RES 1: 146.77/98 76.4% of the Jun 23 - Jul 1 bear leg / Intraday high
• PRICE: 146.79 @ 16:26 BST Jul 8
• SUP 1: 144.95 50-day EMA   
• SUP 2: 144.23/142.68 Low Jul 7 / 1
• SUP 3: 142.12 Low May 27 and a key short-term support
• SUP 4: 141.96 76.4% retracement of the Apr 22 - May 12 upleg   

USDJPY continues to appreciate. The latest recovery has resulted in a breach of the 50-day EMA, at 144.95, and the daily close above the EMA highlights a stronger reversal. 146.19, the Jun 24 high, has been cleared. Sights are on 146.77, a Fibonacci retracement. It has been pierced, a clear break would open 148.03, the Jun 23 high. Support points to watch are 144.95, the 50-day EMA, and 144.23, the Jun 7 low.  

• RES 4: 0.8781 2.236 pro of the Mar 3 - 11 - 28 price swing 
• RES 3: 0.8738 High Apr 11 high and a key resistance
• RES 2: 0.8694 High Apr 14 
• RES 1: 0.8670 High Jul 02
• PRICE: 0.8630 @ 16:25 BST Jul 8
• SUP 1: 0.8597 Low Jul 7 
• SUP 2: 0.8555/8507 20- and 50-day EMA values 
• SUP 3: 0.8459 Low Jun 11
• SUP 4: 0.8407 Low Jun 4

The trend condition in EURGBP remains bullish and the cross is holding on to the bulk of its recent gains. Moving average studies are in a bull-mode position - highlighting a dominant uptrend. 0.8648, 76.4% of the Apr 11 - May 29 downleg, has been pierced. A continuation higher would further strengthen bullish conditions and open 0.8738, the Apr 11 high and a key resistance. Support to watch lies at 0.8555, the 20-day EMA.    

• Date $MM Issuer (Priced *, Launch #)
• 07/08 $3B *IADB (Inter-American Development Bank) 10Y SOFR+61
• 07/08 $2.25B #American Honda $900M 2Y +65, $600M 2Y SOFR+87, $750M 7Y +100
• 07/08 $Benchmark BFCM 3.25Y +72, 3.25Y SOFR+99
• 07/08 $750M Gray Media 7NC investor calls
• Potential roll-over from Monday:
  • 07/?? $Benchmark Nissan Motor 5Y 7.25%a, 7Y 7.75%a, 10Y 8%a
  • 07/?? $Benchmark NTT Finance Corp multi tranche investor calls: 2Y, 3Y fix/SOFR, 5Y fix/SOFR, 7Y, 10Y, 12Y -- in addition to EUR issuance 2Y, -4Y, 8Y and 12Y