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US EURODLR OPTIONS

BLOCK: Red Dec'22 Put Spd

USDJPY TECHS

Bullish Focus

US

Is CPI Inflation About to Decelerate?

EURGBP TECHS

Breaches Support

GBPUSD TECHS

Remains Under Pressure

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  • RES 4: 110.97 High Mar 31 and the bull trigger
  • RES 3: 110.55 High Apr 6
  • RES 2: 109.70/96 High May 3 / High Apr 9
  • RES 1: 109.51 High May 12
  • PRICE: 109.48 @ 16:27 BST May 12
  • SUP 1: 108.34/08 Low May 7 / Low Apr 27
  • SUP 2: 107.48 Low Apr 23 and the bear trigger
  • SUP 3: 106.97 Low Mar 4
  • SUP 4: 106.78 50.0% retracement of the Jan - Mar rally

USDJPY rallied sharply on the back of higher-than-expected US CPI, pushing prices through near-term resistance to open the early May / early April highs of 109.70/96. This counters any downside signals evident in last week's trade through the trendline support at 108.44 (drawn off the Jan 6 low). A break of 109.70, May 3 high, would strengthen a bullish case and signal scope for a climb above 110.00.