US NATGAS: Hedge Fund Managers Cut their bullish Henry Hub positions: Bloomberg

• -3,273 USM5 117-29, sell through 117-31 post time bid at 1425:21ET, DV01 $433,000. The June 30Y contract trades 117-31 last (+18)

• RES 4: 154.80 High Dec 12 ‘24 and a key resistance     
• RES 3: 153.37 50-day EMA 
• RES 2: 152.03 20-day EMA 
• RES 1: 150.74 High Feb 21         
• PRICE: 149.36 @ 16:20 GMT Feb 26
• SUP 1: 148.57 Low Feb 25
• SUP 2: 148.20 2.0% 10-dma envelope
• SUP 3: 148.01 Low Oct 9 ‘24
• SUP 4: 146.95 61.8% retracement of the Sep 16 ‘24 - Jan 10 bull leg  

While prices have stabilised, bearish conditions in USDJPY remain in place and the pair is trading at its recent lows. A push lower on Tuesday resulted in a print below key support at 148.65, the Dec 3 ‘24 low, to strengthen the bearish condition. A clear break of this level would pave the way for an extension towards 146.95, a Fibonacci retracement. On the upside, initial firm resistance to watch is 152.03, the 20-day EMA.  

• 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.