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TECHS: Price Signal Summary - USDJPY Clears  Channel Resistance

MARKET INSIGHT
  • In equities, E-mini S&P futures traded sharply lower yesterday.
    • Support to watch is at 3696.02, the 50-day EMA. A break would open 3652.50, Jan 4 low.
  • EUROSTOXX50 is weaker too and price has cleared the 50-day EMA. An extension lower would open 3455.94 next, Dec 22 low.
  • In the FX space, EURUSD has yet to clear support at 1.2054, Jan 18 low. A break would open 1.2011, Sep 1 high.
    • Firm resistance has been defined at 1.2190, Jan 22 high.
  • USDJPY has cleared the key bear channel resistance drawn off the Mar 24 high. Attention is on 104.40, Nov 11 high that if breached would reinforce the importance of the channel break out. This would also highlight an important shift in sentiment.
  • On the commodity front, Gold is pressuring support. A deeper sell-off would expose the key short-term level at $1804.7, Jan 18 low. Oil contracts remain above support. Brent (H1) support to watch is $54.48, Jan 22 low and WTI (H1) support lies at $51.44, the low from Jan 22.
  • In the FI space:
    • Bunds (H1) yesterday breached resistance at 177.96, Jan 14 high. Attention is on 178.37, Jan 4 high. Support lies at 177.39, yesterday's low.
    • Key resistance in Gilts (H1) at the 20- and 50-day EMAs has been breached this week. A resumption of gains would open 135.04, 61.8% of the Jan 4 - 12 downleg.
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