USDJPY TECHS: Short-Term Bear Threat
- RES 4: 159.45 High Jul 12
- RES 3: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
- RES 2: 158.08/87 High Jan 15 / 10 and the bull trigger
- RES 1: 156.75 High Jan 23
- PRICE: 154.43 @ 06:52 GMT Jan 30
- SUP 1: 153.72/34 Low Jan 27 / Low Dec 18
- SUP 2: 152.55 61.8% retracement of the Dec 3 - Jan 10 bull leg
- SUP 3: 151.81 Low Dec 12
- SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg
The primary trend condition in USDJPY remains bullish. However, Monday’s move down highlights a stronger bear threat. The pair has breached the 50-day EMA and a trendline drawn from the Sep 16 ‘24 low. A resumption of weakness would open 152.55, a Fibonacci retracement point. Initial firm resistance is at 156.75, the Jan 23 high. Clearance of this level would be a bullish development.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
China To Boost EV Use In Government Procurement
China's Ministry of Finance said the proportion of electric vehicles in the total annual official vehicle procurement should not be less than 30% in principle, China Securities Journal reported citing a statement on MOF website. The procurement ratio for EVs should be 100% for official vehicles with relatively fixed routes and single usage scenarios, and mainly operating in urban areas such as vehicles for confidential communication, the statement said.
USDJPY TECHS: Corrective Pullback
- RES 4: 160.00 Round number resistance
- RES 3: 159.45 High Jul 12
- RES 2: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
- RES 1: 158.08 High Dec 26
- PRICE: 156.29 @ 06:47 GMT Dec 31
- SUP 1: 155.89/155.19 High Nov 20 / 20-day EMA
- SUP 2: 153.25/150.90 50-day EMA / Low Dec 10
- SUP 3: 149.37 Low Dec 06
- SUP 4: 148.65 Low Dec 03 and the bear trigger
USDJPY has pulled back from this week’s high, however, the move down appears corrective in light of an over-arching bullish condition. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and has paved the way for a move towards 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support is 155.19, the 20-day EMA.
EUROZONE T-BILL ISSUANCE: W/C December 30, 2024
Greece is due to sell bills this week. We expect issuance to be E0.5bln in first round operations, in-line with last week.
- Today, Greece will sell E500mln of the new 13-week Apr 4, 2025 GTB.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.
