EURJPY TECHS: Trend Needle Points North
* RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing * RES 3: 175.43 High Jul 11 '2...
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EURJPY TECHS: Trend Structure Remains Bullish
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 1: 173.97 High Jul 28 and the bull trigger
- PRICE: 170.79 @ 16:50 BST Aug 5
- SUP 1: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 2: 169.27 50-day EMA
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
A bullish trend condition in EURJPY remains intact and for now the recent move down is considered corrective. Key support to watch lies at the 50-day EMA at 169.27. A clear break of the EMA is required to highlight a stronger short-term bearish threat. Moving average studies remain in a bull-mode position highlighting an uptrend. A break of the Jul 28 high of 173.97, would resume the bull cycle.
PIPELINE: Corporate Bond Update: $2B Standard Chartered Launched
- Date $MM Issuer (Priced *, Launch #)
- 08/05 $2B #Standard Chartered 11NC10 +120
- 08/05 $1.9B #Daimler Truck $550M 2Y +60, $750M +5Y +92, $600M +7Y +105
- 08/05 $1.25B #Tennessee Valley Authority 5Y +20
- 08/05 $1.25B #MSCI 10Y +112.5
- 08/05 $1B #Macquarie Bank 11NC10 +145
- 08/05 $500M #Essential Utilities 10Y +107
- 08/05 $500M #Healthpeak LLC +7Y +92
- 08/05 $500M #CNA Financial WNG 10Y +103
- 08/05 $500M Freedom Mortgage 7.75NC3
- 08/06 $500M Travel + Leisure 8NC3
USDJPY TECHS: Cracks Support
- RES 4: 152.31 High Feb 19
- RES 3: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
- RES 2: 151.21 High Mar 28
- RES 1: 150.92 Intraday high
- PRICE: 147.56 @ 16:49 BST Aug 5
- SUP 1: 146.62 Low Aug 5
- SUP 2: 146.56 50-day EMA
- SUP 3: 146.53 1.0% 10-dma envelope
- SUP 4: 145.86 Low Jul 24
USDJPY reversed sharply from Friday’s intraday high and this is allowing a short-term overbought condition to unwind. While the pullback in prices Friday may have been corrective, the break and close below 147.63, the 20-day EMA, is a concern. A clear break of this support zone would undermine the recent bull theme. A break of last week’s 150.92 high would resume the uptrend.
