MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

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CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

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

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Trend Condition Remains Bullish

USDJPY TECHS
  • RES 4: 139.07 Bull channel top drawn from the Mar 4 low
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 136.71/88 High Jun 22 / High Oct 30 1998
  • PRICE: 134.73 @ 06:43 BST Jun 24
  • SUP 1: 134.27 Low Jun 23
  • SUP 2: 133.22/131.50 20-day EMA / Low Jun 16 and key support
  • SUP 3: 130.69 Bull channel base drawn from the Mar 4 low
  • SUP 4: 130.00 Round number support

USDJPY remains in an uptrend. The pair broke to new cycle highs this week, confirming a resumption of the primary uptrend. The move higher also maintains the bullish price sequence of higher highs and higher lows and has opened 136.88 next, the Oct 30 1998 high. Price is also trading inside a bull channel - drawn from the Mar 4 low. The top at 139.49 is a near-term objective too. Key short-term support has been defined at 131.50.

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