OIL PRODUCTS: Oil Products End of Day Summary: Diesel Cracks Fall

• 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: 150.92 High Aug 1 
• PRICE: 148.16 @ 16:01 BST Aug 12
• SUP 1: 146.75 50-day EMA
• SUP 2: 146.63 1.0% 10-dma envelope
• SUP 3: 146.62 Low Aug 5
• SUP 4: 145.86 Low Jul 24  

USDJPY consolidated for much of last week, holding the bulk of the NFP losses. Price has bounced, but recoveries are shallow at this stage. This has allowed a previously overbought condition to unwind, and keeps the downside argument in focus. Prices are trading either side of the 147.59 20-day EMA, and the inability to build a base here will be a concern. A clear break of this support zone would undermine the recent bull theme. A break of last week’s 150.92 high would resume the uptrend.     

• US FISCAL YEAR-TO-DATE DEFICIT $1.629T, +7% VS FYTD 2024

• MNI: US JUL TREASURY BUDGET -$291.1B