NATGAS: Gas Summary at European Close: TTF Down 7% on Week

• RES 4: 110-25   High Dec 12
• RES 3: 109-31   High Dec 18   
• RES 2: 109-16+ 50-day EMA  
• RES 1: 109-04/109-06 High Jan 21 / High Dec 31 
• PRICE:‌‌ 108-17+ @ 16:52 GMT Jan 22
• SUP 1: 108-00/107-06 Low Jan 16 / 13 and the bear trigger    
• SUP 2: 107-04   Low Apr 25 ‘24 and a key support  
• SUP 3: 107-00   Round number support
• SUP 4: 106-11   2.00 proj of the Oct 1 - 14 - 16 price swing  

The medium-term trend condition in Treasury futures remains bearish and the recovery that started Jan 13, appears to be a correction. The contract has traded through the 20-day EMA, at 108-17+. This exposes 109-06, the Dec 31 high, and 109-16+, the 50-day EMA. A clear break of the 50-day EMA is required to strengthen a bullish theme. The bear trigger is unchanged at 107-06, the Jan 13 low.

ERM5 98.00 / 98.125 / 98.25 call fly, bought for 1.25 in 11.5k

• The latest upside ERM5 option structure this week.
• Calls outnumber puts by 4.5 to 1 today.

• EUR/USD: $1.0295-00(E2.7bln), $1.0400(E1.9bln), $1.0425-40(E2.1bln)
• USD/JPY: Y155.00($1.7bln), Y156.00($987mln), Y156.15-20($561mln), Y156.50-60($734mln)
• GBP/USD: $1.2500(Gbp713mln), $1.2565(Gbp748mln)
• AUD/USD: $0.6200-05(A$1.8bln), $0.6260(A$695mln), $0.6300(A$1.1bln)
• NZD/USD: $0.5660-75(N$1.2bln)
• USD/CAD: C$1.4390-05($1.6bln), C$1.4450($1.1bln)