USDJPY TECHS: Trend Needle Is Still Pointing North
- RES 4: 146.47 2.0% 10-dma envelope
- RES 3: 146.12 76.4% Oct-Jan Downleg
- RES 2: 145.66 1.50 proj of the Jan 16 - Mar 8 - Mar 24 price swing
- RES 1: 145.07 High Jun 30
- PRICE: 144.28 @ 15:58 BST Jul 4
- SUP 1: 143.29/142.32 Low Jun 27 / 20-day EMA
- SUP 2: 142.04 Former bull channel top drawn from the Jan 16 high
- SUP 3: 141.21 Low Jun 20
- SUP 4: 139.85 Low Jun 16
USDJPY is consolidating and maintains a bullish tone. Last week’s extension confirmed a resumption of the uptrend. The focus is on 145.66, a Fibonacci projection and 146.47, resistance at the 2.0% 10-dma envelope. The trend condition remains the most overbought (as per the 14-day RSI) since mid-October. Key short-term support is at 142.04, the former bull channel top. A break would signal scope for a deeper correction.
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US: President Biden To Deliver Remarks On Debt Limit Legislation
US President Joe Biden is shortly due to deliver remarks on legislation passed the United States Senate yesterday to suspend the federal government debt ceiling until 2025.
- Livestream of Biden's remarks: https://www.whitehouse.gov/live/
- For more analysis on the debt ceiling bill see today's edition of our MNI US Daily Brief.
- Biden said in a statement yesterday: "Tonight, Senators from both parties voted to protect the hard-earned economic progress we have made and prevent a first-ever default by the United States. Together, they demonstrated once more that America is a nation that pays its bills and meets its obligations, and always will be... No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a big win for our economy and the American people."
MNI: TREASURY GENERAL ACCOUNT $22.9B JUNE 1 VS $48.5B PREV DAY
- MNI: TREASURY GENERAL ACCOUNT $22.9B JUNE 1 VS $48.5B PREV DAY
USDCAD TECHS: Reversal Lower Extends
- RES 4: 1.3730 76.4% retracement of the Mar 10 - Apr 14 low
- RES 3: 1.3695 High Mar 28
- RES 2: 1.3668 High Apr 28 and key resistance
- RES 1: 1.3533 20-day EMA
- PRICE: 1.3438 @ 16:14 BST Jun 2
- SUP 1: 1.3407/04 Low Jun 02 / May 16
- SUP 2: 1.3363 Low May 11
- SUP 3: 1.3315 Low May 8
- SUP 4: 1.3302 Low Apr 14 and a key near-term support
USDCAD traded lower Thursday as it extended the reversal from the May 26 high of 1.3655. The pair is weaker again today. The move lower is considered corrective, however, the impulsive nature of the sell-off signals scope for a deeper pullback. The next support to watch is 1.3404, the May 16 low. A break of this level would expose 1.3315, the May 8 low. On the upside, initial resistance is at 1.3533, the 20-day EMA.
