MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

Australia May Total Dwelling Approved +5.5%

Australia May Retail Trade +0.6%

MNI: AUSTRALIA MAY RETAIL SALES +0.6% M/M

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

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

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

TECHS: Price Signal Summary - USDJPY At Fresh 2021 Highs

MARKET INSIGHT
  • In the equity space, S&P E-minis found support yesterday at 3843.25, yesterday's low. The recovery means the 50-day EMA at 3842.85 remains intact. A breach of the average is required to suggest scope for a deeper pullback. Initial resistance to watch is 3944.50, Mar 22 high.
  • In the FX space, EURUSD maintains a weaker tone and yesterday cleared the 1.1800 handle. This reinforces current bearish conditions with the focus on 1.1752 next, 1.236 projection of the Jan 6 - Feb 5 - Feb 25 price swing. The GBPUSD outlook remains bearish. The pair has this week cleared 1.3779, Mar 5 low and a bear trigger. Note this has also confirmed a breach of the 50-day EMA and a bull channel base drawn off the Nov 2 low. The focus is on 1.3641, 38.2% of the Sep 23 - Feb 24 bull cycle. Short-term gains are considered corrective. USDJPY is firmer and has traded to a fresh 2021 high. The pair is approaching 109.56, 76.4% of the Mar 2020 - Jan downleg and an important pivot resistance. A clear break would open 109.70/85, Jun 8 and 5 , 2020 highs respectively.
  • On the commodity front, Gold is consolidating with support at $1719.3, Mar 18 low. A break above $1755.50 is needed to trigger a fresh round of gains. This would open the 50-day EMA at $1775.6. Recent weakness in Brent (K1) opens $58.56, 38.2% of the Nov 2 - Mar 8 rally. Resistance is at $65.12, Mar 22 high. In WTI (K1), scope is for a move to $55.65, also 38.2% of the Nov 2 - Mar 8 rally. Resistance is at $62.04, Mar 22 high.
  • In the FI space:
    • Bunds (M1) are lower this morning however recent gains suggest scope for an extension higher. The next resistance is at 172.78, 0.764 projection of the Feb 25 - Mar 11 - Mar 18 price swing.
    • Gilts (M1) have this week cleared resistance at 128.33, Mar 16 high, suggesting scope for an extension higher. The next key resistance is at 129.27, Mar 2 high.
    • Treasuries (M1) remain in a downtrend and gains are considered corrective. Resistance is at 132-09+, Mar 25 high.
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.