US: Trump Remarks In Kentucky Underway Shortly

• RES 4: 188.62 Bull channel top drawn from the Feb 28 ‘25 low
• RES 3: 187.71 3.000 proj of the Oct 17 - Oct 30 - Nov 5 price swing
• RES 2: 186.87 High Jan 23 and the bull trigger 
• RES 1: 186.36 High Feb 9
• PRICE: 185.70 @ 16:38 GMT Feb 9
• SUP 1: 181.79 Low Jan 26
• SUP 2: 181.57 Low Dec 17
• SUP 3: 180.48 Base of a bull channel drawn from the Feb 28 ‘25 low
• SUP 4: 179.77 Low Nov 21  

EURJPY is holding on to its latest gains and a short-term bull cycle remains in play - for now. A continuation higher would suggest the end of the recent corrective pullback and expose 186.87, the Jan 23 high and the bull trigger. Clearance of this hurdle would confirm a resumption of the uptrend. Support to watch lies at 181.79, the Jan 26 low. A reversal through this support would expose 180.48, a bull channel support drawn from the Feb 28 ‘25 low.

• Stocks are drifting modestly higher late Monday, technology stocks helping the DJIA extend record highs for the second consecutive session, SPX emini and Nasdaq indexes still shy of late January record highs.
• Currently, the DJIA trades up 56.89 points (0.11%) at 50175.99 vs. 50219.40 high, S&P E-Mini Futures up 45.5 points (0.65%) at 6998, Nasdaq up 266.8 points (1.2%) at 23297.78.
• Software services and chip maker shares led advances on the week opener: AppLovin +13.95% after CapitalWatch
  issued a public apology and acknowledged that its report, published last month, contained inaccuracies linking AppLovin shareholder Hao Tang to criminal organizations, CNBC reported.
• Oracle gained +10.52% after strengthening its "healthcare cloud and AI strategy, announcing the successful migration of five Ontario hospitals’ electronic health records to its cloud platform alongside the launch of a clinical AI pilot aimed at boosting clinician efficiency and system performance," Bbg reported.
• Other gainers included: Palantir Technologies +6.10%, Corning +5.84%, Broadcom +4.20% and Advanced Micro Devices +4.02%.
• Conversely, Health Care sector shares underperformed, Waters Corp shares declining over 12% "after the company closed its acquisition of a Becton Dickinson unit and gave earnings guidance below expectations," DJ reported. Other laggers included Merck -3.85%, Molina Healthcare -3.61% and Elevance Health -3.11%.

• RES 4: 159.45 High Jan 14 and the bull trigger 
• RES 3: 159.23 High Jan 23
• RES 2: 157.76 High Feb 09
• RES 1: 157.72 76.4% retracement of the Jan 14 - 27 bear leg 
• PRICE: 156.05 @ 16:29 GMT Feb 9  
• SUP 1: 155.80 50-day EMA 
• SUP 2: 154.55/152.10 Low Feb 2 / Low Jan 27 and the bear trigger 
• SUP 3: 151.98 38.2% of the Apr 22 ‘25 - Jan 14 bull cycle
• SUP 4: 151.44 Trendline support drawn from the Apr 22 ‘25 low 

Despite an early rally, prices have settled markedly lower as the digestion of the election outcome looks a net positive for JPY. While prices are lower on the day, USDJPY remains either side of the 50-dma, meaning prices are far from signalling an extension of any downtrend. As such, the medium-term bull cycle remains in play and the pair is holding on to its latest gains. Sights are on 157.72, a Fibonacci retracement point. Clearance of this level would strengthen the bull theme.