USDJPY TECHS: Trend Needle Points South
- RES 4: 148.27 High Apr 9
- RES 3: 147.60 50-day EMA
- RES 2: 144.76 20-day EMA
- RES 1: 143.57 High Apr 23
- PRICE: 142.68 @ 17:01 BST Apr 24
- SUP 1: 139.79 1.382 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 2: 138.82 1.500 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 3: 138.07 LowJul 28 ‘23
- SUP 4: 137.85 1.618 proj of the Feb 12 - Mar 11 - 28 price swing
The trend condition in USDJPY remains bearish and the latest recovery is considered corrective. Recent fresh cycle lows confirm a resumption of the downtrend and maintain the price sequence of lower lows and lower highs. Note too that moving average studies are in a bear-mode position highlighting a dominant downtrend. Sights are on 139.79 next, a Fibonacci projection. Initial firm resistance to watch is the 20-day EMA, at 144.76.
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GBPUSD TECHS: Monitoring Support At The 20-Day EMA
- RES 4: 1.3175 High Oct 4 2024
- RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 2: 1.3048 High Nov 6 ‘24
- RES 1: 1.3015 High MAr 20 and the bull trigger
- PRICE: 1.2954 @ 16:15 GMT Mar 25
- SUP 1: 1.2886 Low Mar 21
- SUP 2: 1.2861 20-day EMA
- SUP 3: 1.2722 50-day EMA and a short-term pivot support
- SUP 4: 1.2556 Low Feb 28
The GBPUSD trend needle continues to point north and the latest shallow pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. A resumption of gains would pave the way for a climb towards 1.3048, the Nov 6 2024 high. Initial firm support to watch is 1.2861, the 20-day EMA. Clearance of this level would signal scope for a deeper retracement towards the 50-day EMA, at 1.2722.
PIPELINE: Late Corporate Bond Update
$15.25B to price Tuesday:
- Date $MM Issuer (Priced *, Launch #)
- 03/25 $4.4B #Bausch Health 7NC3 10%
- 03/25 $3B *MTR $500M 5Y +40, $1B 10Y +58. $1.5B 30Y +70
- 03/25 $2B #LG Energy $400M 3Y +135, $600M 5Y +145, $300M 5Y SOFR+170, $700M 10Y +170
- 03/25 $1.75B #Côte d'Ivoire 10y WAL 8.45%
- 03/25 $1.25B #NWB 3Y SOFR+36
- 03/25 $1.25B #NDB 3Y SOFR +65
- 03/25 $1B *MuniFin WNG 5Y SOFR+46
- 03/25 $1B *JFM 5Y SOFR+64
- 03/25 $1B #IDB 5Y SOFR+49
- 03/25 $500M #AerCap WNG +30NC5 6.5%
- Expected Wednesday:
- 03/26 $Benchmark Kingdom of Belgium 10Y SOFR+67a
US: FED Reverse Repo Operation
RRP usage rebounds to $214.786B this afternoon from $196.565B Monday. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties at 48.
