IRAN: Still a 'Huge Gap' Between Positions of US and Iran in Talks: Al Jazeera

• RES 4: 186.87 High Jan 23 and a key M/T resistance  
• RES 3: 186.36 High Feb 9
• RES 2: 185.93 1.0% 10-dma envelope
• RES 1: 185.55 Intraday high
• PRICE: 184.97 @ 08:10 BST Apr 8
• SUP 1: 183.52 50-day EMA
• SUP 2: 182.59/181.87 Low Mar 30 / 16 and a key short-term support
• SUP 3: 180.81 Low Feb 12 and a reversal trigger
• SUP 4: 180.10 Low Dec 5 ‘25

EURJPY has traded to a fresh short-term cycle high. Yesterday’s gains resulted in a print above a key short-term resistance at 184.77, the Feb 25 high. The breach highlights a bullish reversal and a false break of a bull channel support drawn from the Feb 28 ‘25 low. A continuation higher would open 186.36 next, the Feb 9 high. Initial firm support to watch is 182.59, the Mar 30 low.

Iranian FM Araghchi said: “For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations”

• This likely means that passage is not unrestricted. Vessels are required to coordinate transit with Iranian authorities, likely through IRGC naval channels - just as before the ceasefire.
• There's no indication that US or US aligned vessels remain formally prohibited from transit.
• There are also no early signs of vessels attempting passage other than Iranian – though clearly vessels are still assessing the news.
• Kpler said about 172mn bbls of crude and product was waiting in the Gulf. Markets may see this move but its not clear if vessels will want to enter and risk getting stuck if the situation flares up again.
• It is also not clear what kind of support the US can offer in this situation despite Trump saying via Truth Social: "We'll be loading up with supplies of all kinds, and just 'hangin' around' in order to ​make sure that everything goes well".

SFRU6/H7 paper paid -9.5 on 5K.