USDJPY TECHS: Trend Needle Points South
- RES 4: 149.28 High Apr 3
- RES 3: 148.27 High Apr 9
- RES 2: 146.33 50-day EMA and key resistance
- RES 1: 145.92 High May 2
- PRICE: 143.02 @ 07:06 BST May 7
- SUP 1: 141.97 Low Apr 29
- SUP 2: 139.79 1.382 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 3: 138.82 1.500 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 4: 138.07 Low Jul 28 ‘23
The primary trend direction in USDJPY remains bearish and gains since Apr 22 appear corrective. Resistance at the 50-day EMA, at 146.33, remains intact. A clear break of this average would highlight a possible reversal. Moving average studies are in a bear-mode position and continue to highlight a dominant downtrend. A resumption of the trend would open 139.79 next, a Fibonacci projection. First key support to watch is 141.97, the Apr 29 low.
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MNI: GERMANY FEB INDUSTRIAL PRODUCTION -1.3% M/M; JAN 2.0%
- MNI: GERMANY FEB INDUSTRIAL PRODUCTION -1.3% M/M; JAN 2.0%
EURGBP TECHS: Has Cleared Key Resistance
- RES 4: 0.8628 1.500 proj of the Mar 3 - 11 - 28 price swing
- RES 3: 0.8604 1.382 proj of the Mar 3 - 11 - 28 price swing
- RES 2: 0.8593 High Aug 14 ‘24
- RES 1: 0.8533 Intraday high
- PRICE: 0.8525 @ 07:01 BST Apr 7
- SUP 1: 0.8432/0.8380 Low Apr 4 / 20-day EMA
- SUP 2: 0.8316 Low Mar 28 and a key near-term support
- SUP 3: 0.8299 Low Mar 5
- SUP 4: 0.8251 Low Mar 4
EURGBP maintains a bullish tone. The latest rally has resulted in a break of key resistance at 0.8474, the Jan 20 high. Clearance of this hurdle highlights an important technical breach and strengthens a bullish condition. Sights are 0.8593 next, the Aug 14 ‘24 high. On the downside, firm support lies at 0.8380, the 20-day EMA. The contract is overbought, a pullback would allow this condition to unwind.
SCHATZ TECHS: (M5) Northbound
- RES 4: 107.835 2.000 retracement proj of the Mar 4 - 6 bear leg
- RES 3: 107.666 1.764 retracement proj of the Mar 4 - 6 bear leg
- RES 2: 107.600 Round number resistance
- RES 1: 107.575 Intraday high
- PRICE: 107.550 @ 06:37 BST Apr 7
- SUP 1: 107.470 Intraday low
- SUP 2: 107.150 Low Apr 4
- SUP 3: 106.913 20-day EMA
- SUP 4: 106.830 Low Mar 27
Schatz futures maintain a firmer tone and today’s fresh cycle high once again, reinforces a bullish theme. The contract has recently traded through a key resistance at 107.120, the Mar 4 high. This confirmed a full reversal of the Apr 3 - 6 impulsive sell-off. The break also highlights a stronger bull cycle and signals scope for a climb towards 107.600 next. Initial firm support is seen at 106.913, the 20-day EMA.
