EURJPY TECHS: Testing Bull Channel Support
* RES 4: 186.87 High Jan 23 and a key M/T resistance * RES 3: 186.36 High Feb 9 * RES 2: 185.05 76.4...
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AUDUSD TECHS: Off Last Week’s Trend High
- RES 4: 0.7208 61.8% of the Feb 25 ‘21 - Apr 9 ‘25 bear leg
- RES 3: 0.7158 High Feb 2 2023
- RES 2: 0.7123 2.000 proj of the Nov 21 - Dec 10 - 18 price swing
- RES 1: 0.7094 High Jan 29 ,and the bull trigger
- PRICE: 0.6963 @ 16:18 GMT Feb 2
- SUP 1: 0.6909 Intraday low
- SUP 2: 0.6835 20-day EMA
- SUP 3: 0.6727 50-day EMA
- SUP 4: 0.6660 Low Dec 31
A bull cycle in AUDUSD remains in play and last week’s gains reinforce current trend conditions. However, the latest pullback highlights the start of a corrective phase. If correct, it suggests potential for an extension towards support around the 20-day EMA, at 0.6835. This would also confirm an unwinding of the recent overbought trend condition. Key short-term resistance and the bull trigger has been defined at 0.7094, the Jan 29 high.
EURJPY TECHS: Short-Term Bear Threat Still Present
- RES 4: 188.65 3.236 proj of the Oct 17 - Oct 30 - Nov 5 price swing
- RES 3: 188.20 Bull channel top drawn from the Feb 28 ‘25 low
- RES 2: 186.87 High Jan 23 and the bull trigger
- RES 1: 183.87 20-day EMA
- PRICE: 183.58 @ 16:17 GMT Feb 2
- SUP 1: 181.79 Low Jan 26
- SUP 2: 181.57 Low Dec 17
- SUP 3: 180.50 Low Dec 8
- SUP 4: 180.06 Base of a bull channel drawn from the Feb 28 ‘25 low
A short-term corrective bear cycle in EURJPY remains in play - for now. The cross has recently pierced support around the 50-day EMA, currently at 182.67. A clear breach of the average would highlight a stronger reversal and open 181.57 next, the Dec 17 low. For bulls, a resumption of gains would refocus attention on the bull trigger, at 186.87, the Jan 23 high. Clearance of this hurdle would confirm a resumption of the primary uptrend.
US DATA: Lending Standards Largely Steady At Neutral Level (2/2)
And generally speaking, lending standards have largely been steady across most categories of loans and could probably be characterized as neutral, albeit they have lately been heading toward looser conditions for households and for some categories of business lending. This is not indicative of a loose credit environment however.
- For households, in Q4 there were "basically unchanged lending standards... across most categories of residential real estate (RRE) loans" while "standards reportedly eased for auto loans and remained basically unchanged for credit card and other consumer loans".
- For businesses, "survey respondents reported, on balance, tighter lending standards for commercial and industrial (C&I) loans to firms of all sizes" as well as "generally unchanged standards" for commercial real estate (CRE) loans.
