EURJPY TECHS: Trend Outlook 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: 173.02/97 High Aug 13 / High Jul 28 and the bull trigger
- PRICE: 172.22 @ 16:41 BST Aug 21
- SUP 1: 170.32 50-day EMA
- SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
The underlying bull trend in EURJPY remains intact and any short-term weakness would for now, be considered corrective. Key support to watch lies at the 50-day EMA at 170.32. A clear break of the average is required to highlight a stronger short-term bearish threat. Moving average studies are in a bull-mode position reinforcing the primary uptrend. Clearance of the Jul 28 high of 173.97, would resume the bull cycle.
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EURJPY TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 3: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 2: 173.43 High Jul 12 ‘24
- RES 1: 173.24 High Jul 15
- PRICE: 171.59 @ 15:56 BST Jul 22
- SUP 1: 171.37 Low Jul 22
- SUP 2: 170.83 20-day EMA
- SUP 3: 169.32 Low Jul 3
- SUP 4: 168.07 50-day EMA
The trend set-up in EURJPY is unchanged, it remains bullish. Fresh cycle highs last week reinforce current conditions. A price sequence of higher highs and higher lows highlights a dominant uptrend and note that moving average studies are in a bull-mode position. Sights are on 173.43, the Jul 12 ‘24 high. Support to watch lies at 170.83, the 20-day EMA. A move below this average would signal scope for a corrective pullback.
SOFR OPTIONS: BLOCK: March'26 SOFR Conditional Steepener
- -5,000 SFRH6/0QH6 98.00 call spd 2.5 net credit, short March over at 1453:48ET
US STOCKS: Late Equities Roundup: Chip Makers & Media Stocks Lead Gainers
- Stocks remain mixed late Tuesday, S&P eminis back near steady vs. weaker Nasdaq index. Currently, the DJIA trades up 142.22 points (0.32%) at 44464.55, S&P E-Minis up 2.5 points (0.04%) at 6347.25, Nasdaq down 65.1 points (-0.3%) at 20909.01.
- Information Technology and Communication Services sector stocks continued to lead the late session declines, semiconductor makers weighing on IT: KLA Corp -4.66%, Lam Research -3.74%, Micron Technology -3.71%, Broadcom Inc -3.33%, Dell Technologies -3.21% and Super Micro Computer -3.03%.
- Interactive media and entertainment shares weighed on the Communications sector: Netflix -2.82%, Meta Platforms -1.21%, TKO Group Holdings -1.06% and Take-Two Interactive Software -0.86%.
- On the positive side, Health Care and Homebuilding sectors led gainers by midday: IQVIA Holdings surged 18.6% higher on strong earnings, Charles River Laboratories +8.49%, Quest Diagnostics +6.40%, Moderna +5.13%, Thermo Fisher Scientific +4.65% and Bio-Techne +4.48%.
- Also on strong earnings: DR Horton +15.93%, PulteGroup +10.68%, NVR Inc +7.37% and Lennar Corp +8.29%. Other leaders included Northrop Grumman +9.15%, Enphase Energy +7.00% and Albemarle +6.73%..
- Earnings expected after today's close: Lockheed Martin Corp, Capital One Financial Corp, Texas Instruments Inc, EQT Corp, CoStar Group Inc, Intuitive Surgical Inc, Enphase Energy Inc, Pegasystems Inc, Range Resources Corp and Baker Hughes Co.
