MNI: GERMANY NOVEMBER FLASH HICP -0.7% M/M (FCST: -0.5%)

MNI BRIEF: China May Inject CNY1 Trln To Replenish Big Banks

MNI BRIEF: China Sees Progress On EU EV Deal

MNI: PBOC Net Drains CNY279.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1894 Thurs; -1.38% Y/Y

MNI BRIEF: Bank of Korea Cuts Policy Rate to 3.00%: Press

MNI: GERMANY NOV CPI +2.2% Y/Y

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: GERMANY NRW NOV CPI -0.3% M/M, +1.9% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - USDJPY Resumes Its Primary Uptrend

MARKET INSIGHT
  • In the equity space, S&P E-Minis remain bearish despite a recovery from yesterday’s low of 4375.50. The contract has recently breached the 50-day EMA, which intersects at 4452.17 and this reinforces a bearish threat. The move below 4400.00 signals scope for weakness towards 4362.63 next, 50.0% of the Feb 24 - Mar 29 rally. EUROSTOXX 50 futures are consolidating. The contract traded lower yesterday and remains bearish. Price has recently moved below the 20- and 50-day EMAs and breached support at 3735.00, Mar 18 low. This opens 3626.50, 50.0% of the Mar 7 - 29 rally.
  • In FX, EURUSD remains vulnerable and is inching towards key support. The recent failure at 1.1185, Mar 31 high, highlights a bearish threat and attention is on 1.0806, the Mar 7 low and a bear trigger. A break would confirm a resumption of the primary downtrend and open 1.0767, the May 7 2020 low. The GBPUSD outlook remains bearish and support at 1.3000, Mar 15 low, remains under pressure. The focus is on 1.2954, 1.764 projection of the Jan 13 - 27 - Feb 10 price swing. Resistance is at 1.3114, the 20-day EMA. USDJPY maintains its firmer tone and has this morning resumed its uptrend and traded to a fresh cycle high. The pair has also cleared the 126.00 handle. The focus is on 126.71, 3.50 projection of the Dec 3 ‘21 - Jan 4 -24 price swing.
  • On the commodity front, Gold has traded higher this week and has breached resistance at $1966.1, Mar 24 high. This highlights a range breakout and suggests scope for an extension of short-term gains. The focus is on $1980.3 initially, 50.0% retracement of the Mar 8 - 29 downleg. In the Oil space, WTI futures remain bearish despite yesterday’s gains. The print below the 50-day EMA suggests scope for a continuation lower and attention is on the next key support at $92.20, Mar 15 low. Initial firm resistance has been defined at $105.59, the Apr 5 high.
  • Trend conditions in the FI space remain bearish. Bund futures traded lower once again Tuesday, confirming a resumption of the primary downtrend. The next objective is the 154.00 handle. Gilts remain in a downtrend. The focus is on 118.05, 0.618 projection of the Mar 1 - 28 - Apr 4 price swing.
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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.