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Price Signal Summary - USDJPY Rally Resumes

MARKET INSIGHT
  • In the equity space, S&P E-Minis are trading lower. The contract however remains above recent lows. Trend conditions are bearish and a deeper pullback would open 3735.00, the Jun 23 low. Clearance of this level would expose key support at 3639.00, the Jun 17 low and bear trigger. A break of 3950.00, Jun 28 high, is still required to signal potential for a stronger bullish reversal. EUROSTOXX 50 futures continue to trade above last week’s 3343.00 low on Jul 5. The trend outlook is bearish. The breach on Jul 5 of support at 3384.00, Jun 16 low, reinforces current conditions and confirmed a resumption of the broader downtrend. The focus is on 3321.30, 50.0% of the major 2020 - 2021 upleg. Key short-term resistance is unchanged at 3584.00, Jun 27 high. Initial resistance to watch is 3504.00, the Jul 8 high.
  • In FX, EURUSD continues to challenge parity and this level remains a key psychological level. Note that the base of the bear channel, drawn from the Feb 10 high intersects at 0.9982 today. A clear breach of this support zone would open 0.9944, 1.618 projection of the Jun 9 - 15 - 27 price swing. GBPUSD remains vulnerable and the pair traded to a fresh trend low on Tuesday. The focus is on 1.1795, 0.764 projection of the Mar 23 - May 13 - 27 price swing. USDJPY is on the move again and has traded above 139.00. This confirms a resumption of the uptrend and opens 139.48, 1.00 projection of the Jun 16 - 22 - 23 price swing and the 140.00 psychological handle.
  • On the commodity front, Gold remains vulnerable following the recent break of $1787.00, May 16 low. This has opened $1706.3 next, 1.618 projection of the Mar 8 - 29 - Apr 18 price swing. This week’s extension has also reinforced current bearish conditions. In the Oil space, WTI futures traded sharply lower Tuesday highlighting a bearish threat. The contract is softer again today and has arrived at $93.45, the Apr 25 low. A break would open $90.13, the 1.236 projection of the Jun 14 - 22 - 29 price swing
  • In the FI space, a short-term bull cycle in Bund futures remains in play and Tuesday’s gains confirmed a resumption of the uptrend. Today’s move lower is considered corrective. A resumption of strength would open the 154.00 handle next. Trend conditions in Gilts remain bullish and scope is seen for a climb to 117.48, 1.236 projection of the Jun 16 - 24 - 29 price swing. Initial firm support to watch lies at 114.08, the Jul 8 low.
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