SOUTH AFRICA: Ramaphosa Survives Trump's Ambush, SARB Deems CPI Range Too Wide

• The Dollar is in the red across all G10s, albeit off its worst levels going into the European session.
• As previously noted the Yen rallied to its best level since September, as the USDJPY fell below the 140.00 figure, printing a 139.89 low for the early session.
• The cross seems to be finding some support as Europe comes in, some suggestion of potential Option barrier might be helping, but looking at Option expiries, the only notable size is on Thursday with 1.61bn worth of expiry at 140.00.
• The Dollar is now seeing a small bid against the EUR, CHF, GBP, CAD, AUD, NZD, SEK and NOK, albeit all within the Overnight ranges.

• RES 4: 165.43 High Nov 8        
• RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance   
• RES 2: 164.55 High Jan 7
• RES 1: 163.55/164.19 High Apr 14 / High Mar 18 and the bull trigger 
• PRICE: 161.55 @ 07:32 GMT Apr 22 
• SUP 1: 161.18/158.30 50-day EMA / Low Apr 7 and key support   
• SUP 2: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle  
• SUP 3: 155.60 Low Low Mar 4  
• SUP 4: 154.80 Low Low Feb 28  

The recent pullback in EURJPY appears corrective - for now - and trend conditions remain bullish. Key short-term support has been defined at 158.30, the low on Apr 7. A break of this level is required to signal scope for a deeper retracement. This would open 157.02, a Fibonacci retracement. For bulls, a resumption of gains would expose 164.19, the Mar 18 high and the bull trigger. Clearance of this hurdle would resume the uptrend.

• RES 4: $75.51 - High Jan 15 and a key resistance   
• RES 3: $72.56 - High Feb 20
• RES 2: $66.22/71.76 - 50-day EMA / High Apr 2 and key resistance
• RES 1: $64.49 Low Mar 5 low and a recent breakout level.  
• PRICE: $62.88 @ 07:20 BST Apr 22 
• SUP 1: $58.29/54.67 - Low Apr 10 / 9 and the bear trigger  
• SUP 2: $53.72 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 3: $52.54 - 2.382 proj of the Jan 15 - Feb 4 - 11 price swing
• SUP 4: $50.00 - Psychological round number  

A bearish theme in WTI futures remains intact and the recovery since Apr 9 is - for now - considered corrective. The move higher is allowing an oversold trend condition to unwind. Recent weakness has resulted in the breach of a number of important support levels, reinforcing a bearish threat. A resumption of the bear cycle would open $53.72, a Fibonacci projection. Initial firm resistance is seen at $64.49, the Mar 5 low and a recent breakout level.