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TECHS: Price Signal Summary - Yen On The Back Foot

MARKET INSIGHT
  • In the equity space, S&P E-minis are consolidating but maintain a bullish focus. Attention is on 4195.50, 1.618 projection of the Feb 1 - Feb 16 - Mar 4 price swing. Key support is unchanged at 4110.50, Apr 21 low.
  • In the FX world, EURUSD remains below the bear channel resistance drawn off the Jan 6 high that intersects at 1.2113 today. Monday's high of 1.2117 also represents resistance and a clear break would strengthen bullish conditions. Key short-term support remains 1.1994, Apr 22 low. GBPUSD remains below 1.4009, Apr 20 high. A bearish risk dominates while this level remains intact. Support to watch is at 1.3824, Apr 22 low. The Yen is under pressure:
    • USDJPY has found support at 107.48. Just below trendline support drawn off the Jan 6 low. This week's recovery highlights a developing bullish theme while support at 107.48 remains intact.
    • EURJPY rallied yesterday and confirmed a resumption of the underlying uptrend. This opens 132.36, 2.236 projection of the Jun - Sep - Oct 2020 price swing. The cross remains within its bull channel, drawn off the Oct 30, 2020 low.
  • On the commodity front, Gold is softer. The outlook remains bullish and the focus is on $1805.7, Feb 25 high. Watch support at $1763.4 - 50-day EMA. Brent (M1) remains below last week's high. Key support to watch is $63.62, the 50-day EMA. WTI (M1) found resistance last week at $64.38 on Apr 20. The 50-day EMA at $60.26 is seen as a firm intraday support.
  • In the FI space, Bunds (M1) are trading lower and approaching support at 170.05, 76.4% of the Feb 25 - Mar 25 rally. A break would open 169.24, Feb 25 low. Gilts (M1) are lower this morning and have probed support at 127.81, Apr 14 low. A clear break would open 127.32, Apr 1 low.
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