USDJPY TECHS: Trading Above Support - For Now
- RES 4: 137.91 High Mar 8 and the bull trigger
- RES 3: 136.58 61.8% retracement of the Mar 8 - 13 bear leg
- RES 2: 135.76 61.8% retracement of the Mar 8 - 13 bear leg
- RES 1: 134.88 20-day EMA
- PRICE: 132.73 @ 16:53 GMT Mar 15
- SUP 1: 132.22 Low Mar 15
- SUP 2: 131.31 61.8% retracement of the Jan 16 - Mar 8 rally
- SUP 3: 129.81 Low Feb 10
- SUP 4: 128.09 Low Feb 2
Recent weakness in USDJPY highlights potential for a deeper corrective pullback. However, the pair has found support at around 132.29, Monday’s low and for now remains above this level. 132.39 represents an important short-term support. A break would expose 131.31, a Fibonacci retracement point. For bulls, a resumption of strength would open the 136.00 handle and signal scope for a test of the bull trigger at 137.91, the Mar 8 high.
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USDJPY TECHS: Resistance At The 50-Day EMA Remains Intact
- RES 4: 136.67 38.2% retracement of the Oct 21 - Jan 16 bear leg
- RES 3: 134.77 High Jan 6 and a key resistance
- RES 2: 134.54 Low Dec 14
- RES 1: 132.77/90 50-day EMA / High Feb 6
- PRICE: 132.75 @ 15:47 GMT Feb 13
- SUP 1: 129.81 Low Feb 10
- SUP 2: 128.09/127.23 Low Feb 2 / Low Jan 16 and the bear trigger
- SUP 3: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
- SUP 4: 126.36 Low May 24 and a key support
USDJPY continues to trade below the 50-day EMA, at 132.77. This average represents a key short-term level and a clear break is required to suggest scope for an extension higher that would expose 134.77, the Jan 6 high. The broader trend direction remains down and recent gains are considered corrective. Firm support to watch is at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low - a break would resume the downtrend.
STIR: BLOCK, Jun'23/Sep'23 SOFR Flattener
Jun/Sep flattener Block/cross at -0.050 posted at 1408:40ET
- -14,000 SFRM3 94.785, post-time bid vs.
- +14,000 SFRU3 94.835, post-time offer
- As of Fri's settle, spd finished +0.005
GLOBAL: US, China To Meet In New Debt Roundtable On Friday
- (Reuters) - Officials from China, India, Saudi Arabia and Group of Seven wealthy nations will participate in a first virtual meeting of a new sovereign debt roundtable on Friday, three sources familiar with the plans said on Monday.
- The meeting will be co-chaired by the International Monetary Fund, World Bank and India, the current leader of the Group of 20 finance officials, and comes a week before G20 finance officials are due to gather in Bangalore, India from Feb. 23-25, with an in-person meeting of the roundtable expected on Feb. 25.
