US-RUSSIA: Trump Plans To Meet Putin In Person As Soon As Next Week: NY Times

• RES 4: 171.88 High Jul 19 ‘24
• RES 3: 171.33 1.0% 10-dma envelope
• RES 2: 171.28 1.382 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 1: 171.21 High Jul 07
• PRICE: 171.13 @ 15:59 BST Jul 07 
• SUP 1: 169.32  Low Jul 03 
• SUP 2: 168.09 20-day EMA 
• SUP 3: 167.13 Low Jun 20   
• SUP 4: 165.84 50-day EMA   

A bull cycle in EURJPY remains intact and the cross is starting the week on a firm note, trading to a fresh cycle high. 170.47, 76.4% of the Jul 11 - Aug 5 sell-off, has been breached. The break strengthens bullish conditions and signals scope for extension towards 171.28 next, a Fibonacci projection. The trend is overbought, a pullback would unwind this condition. Support  lies at 168.09, the 20-day EMA.

• US Data/Speaker Calendar (prior, estimate)
• 07/08 0600 NFIB Small Business Optimism (98.8, 97.9)
• 07/08 1100 NY Fed 1-Yr Inflation Expectations (3.2%, 3.13%)
• 07/08 1130 US Tsy $50B 6W & $50B 52W bill auctions
• 07/08 1300 US Tsy $58B 3Y Note auction (91282CNM9)
• 07/08 1500 Consumer Credit ($17.873B, $10.550B)
• Source: Bloomberg Finance L.P. / MNI

• RES 4: 148.65 High May 12 and a reversal trigger 
• RES 3: 148.03 High Jun 23 
• RES 2: 146.19/146.77 High Jun 24 / 76.4% of Jun 23 - Jul1 bear leg 
• RES 1: 145.82 High Jul 07
• PRICE: 145.77 @ 15:52 BST Jul 7
• SUP 1: 144.18/142.68 Low Jul 4 / 1   
• SUP 2: 142.12 Low May 27 and a key short-term support 
• SUP 3: 141.96 76.4% retracement of the Apr 22 - May 12 upleg
• SUP 4: 141.49 Low Apr 23    

USDJPY has started the week on a firmer note. Price has breached the 50-day EMA, at 144.91, and a close above it would highlight a stronger reversal. This would expose 146.19, the Jun 24 high. For now, gains still appear corrective. Moving average studies are in a bear-mode position, signalling a dominant downtrend. A resumption of weakness would open 142.12, the May 27 low and a key short-term support.