MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

IFO Consumer-Related Price Expectations Fall Slightly

Services Inflation Potentially A Touch Softer; Food Prices Jump

Nominal Wage Growth Moderates In April, But Real Wages Remain Positive

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Reversal Pattern Intact

EURJPY TECHS
  • RES 4: 131.59 High Nov 5
  • RES 3: 130.43 50.0% retracement of the Oct 20 - Dec 3 downleg.
  • RES 2: 129.99 High Nov 19
  • RES 1: 129.64 High Dec 16
  • PRICE: 128.79 @ 06:20 GMT Dec 17
  • SUP 1: 128.45/127.81 Low Dec 16 / Low Dec 10
  • SUP 2: 127.39 Low Dec 3 / 6 and the bear trigger
  • SUP 3: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing
  • SUP 4: 127.04/126.65 Low Feb 15 / Low Feb 10

EURJPY spiked higher Thursday, probing the 50-day EMA at 129.45 before giving back most of its gains. Note that Thursday’s rally does highlight an inverted head and shoulders reversal pattern on the daily chart and a breach of support at 127.81, Dec 10 low is required to negate this pattern. A break lower would expose 127.39, the Dec 3 / 6 low. Thursday’s intraday high of 129.64 is the trigger for a resumption of gains.

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