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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

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  • RES 3: 151.82 - 76.4% November - February Decline
  • RES 2: 151.66/71 - High Apr 23 / High Mar 5 and bull trigger
  • RES 1: 151.54 - High May 10
  • PRICE: 151.43 @ 19:52 BST May 18
  • SUP 1: 151.17 - 38.2% Feb - Apr Rally
  • SUP 2: 150.88 - Low Apr 1
  • SUP 3: 150.19 - Low Feb 26

JGB futures remain below the Apr 23 high of 151.66 and recent price action has worked against the multi-month uptrend. Trendline support drawn off the Feb 26 low has been breached. This switches the outlook more neutral while also highlighting the potential for a bearish resumption near-term. Initial support is at 151.17, a retracement and a break would strengthen a bearish case. On the upside, key resistance has been defined at 151.66.