IRAN: *TRUMP LEFT TWO-HOUR MEETING WITHOUT A DECISION: NYT

• RES 4: 188.81 2.236 proj of the Mar 16 - 27 - 30 price swing  
• RES 3: 188.15 2.000 proj of the Mar 16 - 27 - 30 price swing
• RES 2: 188.00 Round number resistance
• RES 1: 187.95 High Apr 17 and the bull trigger
• PRICE: 187.26 @ 17:29 BST Apr 29
• SUP 1: 186.22 20-day EMA
• SUP 2: 185.02 50-day EMA
• SUP 3: 183.57 Low Apr 6 
• SUP 4: 182.59 Low Mar 30 

Bullish conditions in EURJPY remain intact and the recent pause appears to be a flag formation - a bullish continuation pattern. Recent gains resulted in a breach of 186.87, the Jan 23 high and a key medium-term hurdle. This confirmed a resumption of the uptrend. Sights are on 188.15, a Fibonacci projection. Initial firm support is 186.22, the 20-day EMA. It has been pierced, support at the 50-day EMA lies at 185.02.  

Powell repeats language on rate restrictiveness that he's used before (which has previously triggered a bit of a dovish reaction): "we're right kind of at the high end of neutral, or perhaps mildly restrictive. The labor market shows more and more signs of stability, whereas inflation is kind of misbehaving, so maybe a little bit of restriction, or the high end of neutral is just the right place to be. So, we can wait here and see and see how things work out before we act"

Powell offers some more color on the dissents against the existing rate guidance, notes that market pricing for hikes appears to have been a consideration:

• "The three dissenters and others who could have supported that and others who were, you know, voters and nonvoters who preferred it, they all supported the rate decision, right?
• So people are not saying we need to hike now. It's more of a question of, you know, don't we kind of feel that we should be neutral and ... people argue this is consistent with what markets are doing. Again, it is a very fair question.
• But, you know, these changes, you know, it is a form of forward guidance. And you want to make them in a way that will be sustained and continue to make sense and not something you need to take back, you know, fairly quickly. So I think ... a group of us, including me, didn't feel like we needed to be in a hurry on that. That markets are not confused about our reaction function. We don't have a problem to solve on that. The other side of the argument is good too, as I mentioned. It's a perfectly good argument to be having, a good discussion to be having. And it came out the way it came out."