EURJPY TECHS: Bull Cycle Extends
- RES 4: 145.64 High Sep 12 and the bull trigger
- RES 3: 144.48 High High Sep 14
- RES 2: 143.70 76.4% retracement of the Sep 12 - 26 downleg
- RES 1: 142.49 61.8% retracement of the Sep 12 - 26 downleg
- PRICE: 141.51 @ 15:38 BST Sep 30
- SUP 1: 139.44/137.40 Low Sep 29 / 26 and key support
- SUP 2: 136.02 Low Aug 25
- SUP 3: 135.52 Low Aug 24
- SUP 4: 134.95 Low Aug 16 and a key support
EURJPY traded higher again Friday, extending the recovery from 137.40, the Sep 26 low. Recent weakness between Sep 12 - 26 appears to have been a correction and if correct, the latest recovery signals the end of that bear cycle. An extension would open 143.70, a Fibonacci retracement and signal scope for a climb towards key resistance at 145.64, the Sep 12 high. On the downside, key support lies at 137.40, the Sep 26 low.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURJPY TECHS: Tops Trendline Resistance
- RES 4: 140.69 High Jul 22
- RES 3: 140.26 2.0% 10-dma envelope
- RES 2: 140.21 76.4% retracement of the Jul 21 - Aug 2 downleg
- RES 1: 139.68 High Aug 31
- PRICE: 139.61 @ 16:48 BST Aug 31
- SUP 1: 138.93 Low Aug 30
- SUP 2: 135.52/34.95 Low Aug 24 / 16
- SUP 3: 133.40 Low Aug 2 and a bear trigger
- SUP 4: 132.66 Low May 12 and a key support
EURJPY traded higher still Wednesday. This week’s climb has resulted in a break of the 50-day EMA. The cross has also broken 138.98, trendline resistance drawn from the Jun 28 high. This represents a key resistance area and the clear break strengthens bullish conditions and highlights a stronger reversal. The break opens 140.26, 2.0% 10-dma envelope. Initial support is seen at 137.03, the Aug 29 low.
US TSY FUTURES: Potential For Whippy Pricing Into Month End
Potential for whippy pricing stands going into month end, exacerbated by thin late summer participation, Dec 30Y bond futures jumped from 135-25 to 136-04 in the last few minutes, have receded below 136-00 again (30YY3.2475 +.0324).
- Meanwhile, stocks weaker (ESU2 -26.5 at 3961.0), Crude weaker (WTI -2.66 at 88.99), Gold weaker (-12.43 at 1711.59).
- Still an inside range for Tsy futures heading into the closing bell, yield curves steeper:
- 3M10Y +5.621, 18.871 (L: 10.992 / H: 19.691)
- 2Y10Y +2.435, -31.884 (L: -36.415 / H: -31.509)
- 2Y30Y +3.386, -19.631 (L: -24.772 / H: -19.462)
- 5Y30Y +2.254, -3.032 (L: -6.205 / H: -2.346)
PIPELINE: $1.45B Korea Development Bank 2Pt Priced
- Date $MM Issuer (Priced *, Launch #)
- 08/31 $1.45B *Korea Development Bank (KDB) $1B 3Y +60, $450M 10Y +115
- 08/31 $1.25B *Nordic Investment Bank 5Y SOFR+36
- Rolled to Thursday:
- 09/01 $1B OKB WNG 5Y SOFR+45a
