EURJPY TECHS: Trend Needle Points South

• US equity indexes hold modestly weaker levels, the tech-heavy Nasdaq (-0.10%) outperforming the SPX emini (-.25%) and DJIA (-0.27%) late Monday.
• Rising crude prices (WTI tapped $104.95/bbl high) underpinned energy inflation concerns, while speculation over a rate hike at this Wednesday's FOMC policy announcement kept a lid on risk sentiment.
• Tech stocks, partially tied to concerns over AI's "threat to humanity" (according to a recently resigned Anthropic researcher, Jacob Coxon) led declines in the second half: Corning Inc -12.97%, Teradyne Inc -12.04%, Coherent Corp -10.81%, Skyworks Solutions Inc -9.37% and Hewlett Packard Enterprise Co -9.00%.
• Conversely, Infrastructure software shares led late session advances: Crowdstrike Holdings +15.18%, Palo Alto Networks +14.00% and Fortinet Inc +9.04%.

• RES 4: 158.86 50-day EMA
• RES 3: 157.31 20-day EMA
• RES 2: 156.75 High Sep 4  
• RES 1: 155.23 Low Aug 3 and a recent breakout level 
• PRICE: 154.40 @ 17:31 BST Sep 14
• SUP 1: 152.89 Low Sep 8  
• SUP 2: 152.10 Low Jan 27
• SUP 3: 151.94 50% retracement of the Apr 22 ‘25 - Jul 23 bull leg
• SUP 4: 151.63 1.00 projection of Jul 23 - Aug 3 - Sep 2 price swing 

USDJPY is trading in a range and continues to trade closer to its recent lows. A bear threat remains present. Last week’s breach of support at 155.23, the Aug 3 low and bear trigger, confirmed a resumption of the downtrend and highlights potential for a continuation of the bear cycle. Scope is seen for a move towards 151.94, the 50% retracement of the bull leg between Apr 22 ‘25 and Jul 23. Initial resistance to watch is 155.23, the Aug 3 low. 

• US Data/Speaker Calendar (prior, estimate). All times ET
• 09/15 0815 ADP Weekly Employment Change (12,000 prior, --)
• 09/15 0830 Empire Manufacturing (20.6, 15.0)
• 09/15 1130 US Tsy $75B 6W bill auction
• 09/15 1300 US Tsy $13B 20Y Bond re-open (912810UX4)
• Source: Bloomberg Finance L.P. / MNI