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• RES 4: 163.00 Round number resistance 
• RES 3: 162.28 1.764 proj of the Jan 27 - Feb 9 - Feb 12 price swing
• RES 2: 162.14 1.0% 10-dma envelope
• RES 1: 161.95 High Jul 3 ’24 and a major resistance
• PRICE: 161.73 @ 15:38 BST Jun 22
• SUP 1: 160.99 Low Jun 19 
• SUP 2: 160.13 20-day EMA 
• SUP 3: 159.34 50-day EMA 
• SUP 4: 158.74 Low May 25 

Bullish conditions in USDJPY remain intact, but Monday’s volatility shows markets can’t assume a consistent upward trajectory. Recent gains resulted in a breach of 160.72, the Apr 30 high, to confirm a resumption of the uptrend. This paves the way for an extension towards 161.95 next, the Jul 3 ‘24 major high. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Key support is seen around the 50-day EMA, currently at 159.34. 

• Date $MM Issuer (Priced *, Launch #)
• 06/22 $6.3B #Mexico $4.8B +11Y +185, $1.5B 2056 Tap +195
• 06/22 $3.5B #Intesa Sanpaolo $1.5B 4NC3 +80, $1B 6NC5 +95, $1B 11NC10 +150
• 06/22 $2B *DBS Bank 3Y SOFR+42
• 06/22 $1.25B #Credit Agricole 6NC5 +90
• 06/22 $1.2B #Republic Services $700M 5Y +50, $500M 10Y +62
• 06/22 $1B #Bank Leumi $600M 3Y +110, $400M 7Y +125
• 06/22 $700M *Western Midstream 10Y +123
• 06/22 $750M GFL Environmental 5NC2 5.75%
• 06/22 $600M #CNH Industrial Capital 5Y +75
• 06/22 $600M #Agilent Technologies +5Y +62
• 06/22 $500M *Posco International 5Y +90
• 06/22 $500M #Denso 5Y WNG +58

• RES 4: 0.8747 76.4% retracement of the Feb 27 - Mar 16 bear leg
• RES 3: 0.8742 High Mar 31 and Apr 1 and a bull trigger
• RES 2: 0.8731 High May 18 
• RES 1: 0.8694 Intraday high
• PRICE: 0.8634 @ 15:37 BST Jun 22
• SUP 1: 0.8618 Low May 25
• SUP 2: 0.8610 Low Mar 16 and the bear trigger
• SUP 3: 0.8597 Low Aug 14 ‘25
• SUP 4: 0.8576 Low Jul 2 ‘25  

A sharp sell-off Monday in EURGBP highlights a bearish threat and recent gains appear to have been corrective. Note that moving average studies are in a bear-mode position and this also continues to highlight dominant downtrend, suggesting gains are corrective. The key support and bear trigger lies at 0.8610, the Mar 16 low. Key short-term resistance has been defined at today’s 0.8694 high.