USDJPY TECHS: Cleanly Through Bear Trigger
- RES 4: 158.87 High Jan 10 and a bull trigger
- RES 3: 156.75 High Jan 23
- RES 2: 155.89 High Feb 3
- RES 1: 154.05/80 50-day EMA and a pivot resistance / High Feb 12
- PRICE: 150.52 @ 08:01 GMT Feb 21
- SUP 1: 149.29 Low Feb 21
- SUP 2: 148.88 2.0% 10-dma envelope
- SUP 3: 148.65 Low Dec 3 ‘24 and a key support
- SUP 4: 148.01 Low Oct 9 ‘24
USDJPY reversed further and harder Thursday, taking out both the bear trigger at the Feb 07 low of 150.93 as well as the 1.0% 10-dma envelope. Clearance of these levels and a close below resumes the bear cycle that started on Jan 10th, opening 148.65 as the next downside mark and key support. Recent weakness off highs highlights the importance and effectiveness of the 50-day EMA as resistance - today at 153.88. A clear break of the EMA is required to confirm a stronger bullish reversal. This would open 155.89, the Feb 3 high.
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SILVER TECHS: Corrective Phase
- RES 4: $34.903 - High Oct 23 and the bull trigger
- RES 3: $33.125 - High Nov 1
- RES 2: $32.338 - High Dec 12 and a key resistance
- RES 1: $30.974 - High Jan 16
- PRICE: $30.828 @ 08:02 GMT Jan 22
- SUP 1: $29.509/28.748 - Low Jan 13 / Low Dec 19 and bear trigger
- SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
A bear cycle in Silver that started Oct 23 remains in play - for now - and recent gains appear corrective. However, the metal traded higher last week suggesting scope for a continuation near-term. An extension would expose key resistance at $32.338, the Dec 12 high. Clearance of this level would signal a reversal. On the downside, support to watch is $29.509, the Jan 13 low, and $29.748, the Dec 19 low and the bear trigger.
USDCAD TECHS: Key Support Remains Intact For Now
- RES 4: 1.4664 2.0% 10-dma envelope
- RES 3: 1.4564 3.500 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4516 High Jan 21
- PRICE: 1.4337 @ 07:58 GMT Jan 22
- SUP 1: 1.4261 Low Jan 20
- SUP 2: 1.4233 50-day EMA
- SUP 3: 1.4120 Low Dec 11
- SUP 4: 1.4011 Low Dec 5
USDCAD price action remains volatile this week. A sharp sell-off Monday resulted in a print below support at 1.4280, the Jan 6 low. The pullback was short-lived and Tuesday’s reversal higher delivered a fresh trend high of 1.4516, before reversing lower. The uptrend remains intact - for now - and a resumption of gains would open 1.4539, a Fibonacci projection. 1.4233, the 50-day EMA, marks key support.
GILTS: Opening calls
Gilt Opening calls: 92.18/92.23.
