Price Signal Summary -Yen Under Pressure

In the equity space, S&P E-minis are holding onto the bulk of recent gains. Attention is on the 50-day EMA that intersects at 4390.56 today. This is an important short-term pivot resistance and a clear break is required to signal scope for a stronger bounce. Key support and the bear trigger is at 4260.00, the Oct 1 low. EUROSTOXX 50 is also trading near recent highs following a recovery from Wednesday's low. Resistance is at 4094.00, the 50-day EMA. The bear trigger is last week's low of 3949.50.

• In FX, EURUSD is consolidating but remains bearish. Last week's fresh lows confirmed a resumption of the downtrend, and a recent bear flag formation. The focus is on 1.1493 next, 50.0% of the Mar '20 - Jan '21 bull phase. GBPUSD remains vulnerable despite the recent strong corrective bounce. Firm resistance is now seen at 1.3721, the 50-day EMA. USDJPY gains have accelerated. The focus is on 113.41, a multi-year trendline drawn from the Dec 1975 high.
• On the commodity front, Gold continues to consolidate. A short-term pivot support has been defined at $1746.0, Oct 6 low. There is scope for short-term gains while this level remains intact. WTI continues to defy gravity and is approaching the next objective of $81.60 - 1.618 projection of the Aug 23 - Sep 2 - Sep 9 price swing.
• In the FI space, the primary trend is unchanged and remains down. Recent Bund futures weakness has exposed 168.62 next, 2.00 projection of the Sep 9 - 17 - 21 price swing. Resistance is seen at 170.55, Oct 4 high. Gilt futures remain heavy too. The focus is on 123.27, 2.00 projection of the Aug 31 - Sep 17 - 21 price swing.