USDJPY TECHS: Shooting Star Candle

MNI (NEW YORK) - Making the rounds now on Bloomberg is the headline "US Has Reached Out to China for Tariff Talks, CCTV Says". The report underlying the headline was out closer to an hour ago based on the timestamp in the Weibo account post in question which is affiliated with China official media. Unclear whether this has helped the risk-on bid in equities over the last 20 minutes.

• Per the social media post (Google-translated - link here): "the US has taken the initiative to contact China through multiple channels, hoping to negotiate with China on the issue of tariffs", with the author citing sources. 

55.6% of Americans report that the US is on the "wrong track", a reversal of the positive response to the first two weeks of the Trump administration, according to data fro Decision Desk HQ. 

• The trackers shows that the turnaround in sentiment appears to correlate with Trump's initial tariff announcements in the first week on February and then accelerated following the announcement of Trump's 'Liberation Day' tariffs on April 2.
• The return of sentiment to levels during the Biden administration is another warning sign for the Trump administration that US voters are sceptical of Trump's handling of the economy. The flagging public support of administration policy is likely to weigh heavily on Republican lawmakers ahead of crucial votes in Congress on Trump's expansive tax and spending agenda.  

Figure 1: Right Track/Wrong Track

Source: DDHQ

• 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: 0.8500 @ 16:28 BST Apr 30 
• SUP 1: 0.8482 Low April 30
• 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 was sold off a mid-session rally, keeping the technical picture intact and 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.