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Price Signal Summary - JPY Remains Under Pressure

MARKET INSIGHT
  • In the equity space, S&P E-Minis remain in a short-term uptrend despite yesterday’s pullback. The contract is holding above the 50-day EMA that intersects at 4407.84 today - the recent break of this EMA improved bullish conditions. Scope is seen for a climb towards 4578.50, the Feb 9 high. Initial support is still seen at the 20-day EMA, at 4361.23. EUROSTOXX 50 futures failed to hang on to yesterday’s gains and moved back into its recent range. A bullish theme remains in place though and attention is on the 50-day EMA at 3869.80. This average represents an important resistance and if cleared, would further strengthen a bullish short-term theme.
  • In FX, EURUSD resistance at 1.1137, Mar 17 high, remains intact. Trend signals continue to highlight a downtrend and the recent pullback signals a possible resumption of the bear cycle. The focus is on 1.0890, the Mar 9 low and 1.0806, Mar 7 low and the bear trigger. GBPUSD traded higher yesterday and through the 20-day EMA, but failed to hold on to the highs of the day. The move lower means key resistance at 1.3343, the 50-day EMA, remains intact. Watch support at 1.3120, Tuesday’s low. A break would be bearish. USDJPY continues to climb and is approaching the 122.00 handle. Clearance of 122.00 would open 122.47, the 2.382 projection of the Dec 3 - Jan 4 - 24 price swing.
  • On the commodity front, Gold continues to consolidate. Short-term conditions remain bearish and attention is on $1897.2, the 50-day EMA. A break would signal scope for an extension lower. Initial resistance to watch is $1954.7, the Mar 15 high. Oil markets remain bullish. WTI sights are on $118.34, 76.4% of the Mar 7 - 15 downleg.
  • In the FI space, the uptrend in yields remains intact. Bund futures have cleared the 160.00 handle this week, confirming a resumption of the downtrend. The focus is on 158.84 next, the Oct 22 2018 low (cont). Gilts have this week breached key support at 121.10, Feb 16 low. This opens 120.00 next and confirms a resumption of the broader downtrend.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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