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Japanese MOF sells Y2.2584tn 2-Year JGBs:


Rupiah Holds Tight Range

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(H2) Pullback Considered Corrective

  • RES 4: $91.58 - 2.382 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $90.00 - Psychological round number
  • RES 2: $87.47 - 2.00 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $87.10 - High Jan 20
  • PRICE: $83.78 @ 07:09 GMT Jan 25
  • SUP 1: $81.90 - Low Jan 24
  • SUP 2: $80.33/77.34 - 20-day EMA / Low Jan 10
  • SUP 3: $76.96/74.01 - 50-day EMA / Low Jan 3
  • SUP 4: $72.22 - Low Dec 27

WTI futures remain in an uptrend, however for now the contract appears to have entered a short-term corrective phase following the pullback from last week’s high of $87.10. The recent break of key resistance at $80.72, Oct 26 high reinforced a bullish theme - the break higher confirmed a resumption of the broader uptrend. The focus is on $87.47, a Fibonacci projection. Firm support to watch is at $80.33, the 20-day EMA.

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