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TECHS: Price Signal Summary - USDJPY Registers Fresh Trend High Print

MARKET INSIGHT
  • In the FX space:
    • EURUSD has started the week on a softer note. Last week's gains stalled at 1.1990, Mar 11 high. This represents the trigger for a stronger corrective recovery. Continued weakness would open 1.1836, Mar 9 low where a break would confirm a resumption of this year's downtrend.
    • USDJPY remains in an uptrend and has registered a fresh trend high print today. The focus is on 109.56, 61.8% of the Mar 2020 - Jan downleg and an important pivot resistance. Support is at 108.34 Mar 10 low.
      • The trend is overbought. Price however has yet to display a reversal and signal a top.
  • On the commodity front, a bullish engulfing candle in Gold on Mar 9 suggests a potential short-term base at $1676.9, Mar 8 low. The focus is on the 20-day EMA at $1748.1. For bears, a break of $1676.9 is needed to resume the downtrend instead. Oil contracts remain below the Mar 8 high. The key directional triggers are:
    • Brent (K1) - $71.38, Mar 8 high and $66.50, Mar 10 low.
    • WTI (J1) - $67.98, Mar 8 high and $63.13, Mar 10 low.
  • In the FI space, BTP futures (M1) rallied last week. A break of 150.69, 76.4% retracement of the Feb 12 - 26 sell-off is needed to further strengthen a bullish argument. In Bunds (M1), the resistance to watch today is 172.20, Mar 11 high and in Gilts (M1), 129.27, Mar 2 high remains the key near-term resistance. Gilt futures are approaching key support at 127.55, Feb 26 low and the bear trigger. A break would open 127.37, 61.8% of the 2018 - 2020 bullish cycle (cont). Trend conditions in Treasuries remain bearish. Key support at 131-23, Mar 12 low remains exposed. A break would open 130-07, Feb 2, 2020 low.
  • In the equity space, bulls remain in charge. The E-mini S&P futures bull trigger is last week's high of 3949.00. A break would open the psychological 4000.00 level.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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