USDJPY TECHS: Challenges Resistance At The 50-Day EMA
- RES 4: 154.80 High Dec 12 ‘24 and a key resistance
- RES 3: 152.70 50.0% retracement of the Jan 10 - Mar 11 bear leg
- RES 2: 151.30 High Mar 3
- RES 1: 151.21 Intraday high
- PRICE: 150.09 @ 16:42 GMT Mar 28
- SUP 1: 149.72 20-day EMA
- SUP 2: 148.18 Low Mar 20 and a key short-term support
- SUP 3: 148.12 1.0% 10-dma envelope
- SUP 4: 146.54 Low Mar 11 nad the bear trigger
USDJPY faded into the close Friday but is holding a bulk of the week’s gains. The primary trend direction is unchanged, it remains down and the latest recovery is considered corrective. The pair has pierced resistance at 150.94, the 50-day EMA. A clear break of this EMA would undermine the bearish theme and signal scope for a stronger rally towards 152.70, a Fibonacci retracement. For bears, the first key support to watch is 148.18, the Mar 20 low. A break would be bearish.
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EURGBP TECHS: Trading Closer To Its Recent Lows
- RES 4: 0.8378 High Feb 6 and a key resistance
- RES 3: 0.8361 50.0% retracement of the Jan 20 - Feb 3 bear leg
- RES 2: 0.8334 50-day EMA
- RES 1: 0.8319 20-day EMA
- PRICE: 0.8278 @ 16:19 GMT Feb 26
- SUP 1: 0.8265/8248 Low Feb 21 / 3 and bear trigger
- SUP 2: 0.8223 Low Dec 19 and a key support
- SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range
- SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg
EURGBP remains closer to its recent lows. A resumption of bearish price action would expose the key short-term support at 0.8248, the Feb 3 low. Clearance of this level would strengthen a short-term bearish condition. Note that the early February bounce continues to highlight a possible bullish reversal theme. Clearance of 0.8378, the Jan 6 high and a key short-term pivot resistance, would be a positive development for bulls.
PIPELINE: Corporate Bond Roundup: $7B HSBC 5Pt Launched
- Date $MM Issuer (Priced *, Launch #)
- 02/26 $7B #HSBC $1.5B 4NC3 +85, $750M 4NC3 SOFR+103, $1.75B 6NC5 +105, $$750M 6NC5 SOFR+129, $2.25B 11NC10 +120
- 02/26 $1.5B #Kenya 11Y 9.95%
- 02/26 $750M #Danske Bank 6NC5 +93
- 02/26 $700M #Tabreed 5Y Sukuk +115
- 02/26 $700M #Reinsurance Group 30NC10 6.65%
- 02/26 $Benchmark McDonalds Corp 5Y +55, 10Y +72
GBPUSD TECHS: Bull Cycle Firms Further
- RES 4: 1.2879 2.0% 10-dma envelope
- RES 3: 1.2811 High Dec 6 ‘24
- RES 2: 1.2767 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 1: 1.2709 High Feb 26
- PRICE: 1.2702 @ 16:13 GMT Feb 26
- SUP 1: 1.2563 Low Feb 19
- SUP 2: 1.2528 50-day EMA
- SUP 3: 1.2440 Low Feb 13
- SUP 4: 1.2333 Low Feb 11 and a key support
The trend condition in GBPUSD firmed further Wednesday, with the pair building on recent gains. The latest recovery confirms a resumption of the uptrend that started Jan 13 and maintains the current sequence of higher highs and higher lows. An extension would strengthen the bullish condition and open 1.2767, the 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg. Initial firm support to watch is 1.2528, the 50-day EMA.
