USDJPY TECHS: Shooting Star Candle
- RES 4: 150.49 High Apr 2
- RES 3: 149.28 High Apr 3
- RES 2: 147.67/148.65 High May 14 / 12 and a key resistance
- RES 1: 146.28 May 29 high
- PRICE: 143.85 @ 06:40 BST May 30
- SUP 1: 143.44/142.12 Intraday low / Low May 27 and a key support
- SUP 2: 141.96 76.4% retracement of the Apr 22 - May 12 bull leg
- SUP 3: 139.89 Low Apr 22 and a bear trigger
- SUP 4: 138.82 1.50 proj of the Feb 12 - Mar 11 - 28 price swing
Recent gains in USDJPY appear corrective and the pullback from Thursday’s high suggests the latest corrective bounce is over. Looking at price patterns, yesterday's session is a shooting star candle - a bearish signal. Key short-term resistance has been defined at 146.28, the May 29 high. A continuation lower would expose 142.12, the May 27 low. A break of this level would resume the bear leg.
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EUROZONE T-BILL ISSUANCE: W/C April 28, 2025
Italy, Germany, France and Greece have sold bills this week. We expect issuance to have been E17.0bln in first round operations, up from E14.6bln last week.
STIR: SFRZ6/H7/M7 Fly Lifted
SFRZ6/H7/M7 fly paper paid -2.0 on ~6.2K.
EURGBP TECHS: Bear Cycle Extends
- RES 4: 0.8781 2.236 proj of the Mar 3 - 11 - 28 price swing
- RES 3: 0.8768 High Nov 20 ‘23
- RES 2: 0.8624/0.8738 High Apr 21/ High Apr 11 and the bull trigger
- RES 1: 0.8557 High Apr 28
- PRICE: 0.8496 @ 06:37 BST Apr 30
- SUP 1: 0.8482 Intraday low
- SUP 2: 0.8477/60 61.8% of the Mar 28 - Apr 11 rally / 50-day EMA
- SUP 3: 0.8415 76.4% retracement of the Mar 28 - Apr 11 rally
- SUP 4: 0.8316 Low Mar 28 and a key support
EURGBP is trading lower this week, highlighting a continuation of the current bear cycle. Sights are on 0.8477, a Fibonacci retracement point where a break would strengthen the bearish theme. Support at the 50-day EMA, is at 0.8460. It is still possible that the move down that started Apr 11, is a correction. A reversal and a resumption of gains would open 0.8738, the Apr 11 high and bull trigger.
