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Tech Focus: Price Signal Summary - Attention Remains On The USDJPY Channel Top

MARKET INSIGHT
  • EURUSD bearish theme remains intact. Support levels to watch are:
    • 1.2095, the 50-day EMA where a break would open 1.2059, Dec 9 low.
  • USDJPY attention remains on key resistance at 104.23, the bear channel top drawn off the Mar 24 high. A break would highlight a stronger reversal. Monday's high of 104.40 is the bull trigger.
    • Watch support though too at 103.53, Jan 13 low. A break would represent a bearish development.
  • Sterling remains constructive and in Cable, scope is seen for a climb towards 1.3750, 0.764 projection of May 18 - Sep 1 rally from Sep 23 low
  • EURGBP, this week cleared key support at 08933. The focus is on:
    • 0.8867, Nov 23 low and a key support - tested this morning. A clear break would open 08800 and below.
  • On the commodity front, Gold still appears vulnerable following recent weakness. Watch support at $1810.7 - 76.4% of the Nov 30 - Jan 6 rally. Oil contracts are off recent highs but remain bullish. Brent (H1) targets $58.59 - 76.4% of the Jan - Apr 2020 sell-off (cont). WTI (G1) focus is on $54.50 - high Feb 20, 2020 (cont).
  • In the FI space:
    • Bunds (H1) traded higher again yesterday and has breached all relevant near-term retracements. An extension higher would open the 178.37 high from Apr 4.
    • Gilts (H1) resistance is seen at 134.64/69 20- and 50-day EMAs. A bearish outlook dominates while activity remains below these EMA levels.
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