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TECHS: Price Signal Summary - USDJPY Channel Top Appears Exposed

MARKET INSIGHT
  • In FX, EURUSD is firmer this morning but is seen maintaining a bearish short-term theme. Support levels to watch are:
    • 1.2054, the 50-day EMA where a break would open 1.2011, Sep 1 high.
    • Resistance is at 1.2175 20-day EM
  • USDJPY attention remains on key resistance at 104.16, the bear channel top drawn off the Mar 24 high. A break would highlight a reversal. 104.40, the Nov 11 high is the bull trigger.
    • Watch support too at 103.53, Jan 13 low. A break would represent a bearish development.
  • EURGBP focus is on:
    • 0.8867/66, Nov 23 and Jan 15 low and a key support. A clear break would open 0.8800 and below.
  • On the commodity front, Gold remains vulnerable despite yesterday's recovery. Watch support at $1804.7, yesterday's low and resistance at $1871.1, the 50-day EMA. Oil contracts are off recent highs. Brent (H1) support to watch is at $53.53, the 20-day EMA and WTI (G1) support lies at $51.50 Low Jan 11
  • In the FI space:
    • Bunds (H1) are off recent highs. The outlook remains bullish. Support is at 176.96, 61.8% retracement of the rally between Jan 12 - 14.
    • Gilts (H1) - resistance is seen at 134.60/66, the 20- and 50-day EMAs. A bearish outlook dominates while activity remains below these EMA levels.
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