BRENT TECHS: (J5) Pierces The 50-Day EMA

• Europe is closed and the US and the UK will have an early close as we turn the page on 2024.
• US Tnotes (TYH5) continues to see a decent recovery in Futures, right on the June High in Yield of 4.6357%, tested on the 26th December with a 4.6393% high on that day.
• Further upside continuation in futures will see the next immediate resistance in Futures at 109.08+ (4.48% in Yield), but the lack of liquidity will likely keep the contract fairly subdued, given that it has only traded 50k lots overnight and into the European session.
• There's no notable data, nor speakers for the session

• RES 4: 94.50 High Dec 16   
• RES 3: 93.64 High Dec 17  
• RES 2: 93.38/45 High Dec 18 / 20-day EMA 
• RES 1: 92.46/93.09 High Dec 12 / 21              
• PRICE: 92.12 @ Close Dec 30
• SUP 1: 91.64 Low Dec 19                        
• SUP 2: 91.58 4.382 proj of the Dec 3 - 4 - 5 minor price swing
• SUP 3: 91.45 4.500 proj of the Dec 3 - 4 - 5 minor price swing
• SUP 4: 91.33 4.618 proj of the Dec 3 - 4 - 5 minor price swing

A strong bearish theme in Gilt futures remains in play and Monday’s gains are considered corrective - for now. The recent breach of 91.87, the Dec 19 low, confirms a resumption of the downtrend. Sights are on 91.58 next, a 4.382 projection of the Dec 3 - 4 - 5 minor price swing. Initial firm resistance is at 93.09, the Dec 20 high. Resistance at the 20-day EMA, is at 93.45, and the average is seen as an important hurdle for bulls.

• RES 4: 166.69 High Oct 31 
• RES 3: 166.31 2.0% 10-dma envelope  
• RES 2: 166.10 High Nov 6
• RES 1: 165.04 High Nov 15 and a key short-term resistance
• PRICE: 163.08 @ 16:11 GMT Dec 30
• SUP 1: 162.82 Low Dec 30   
• SUP 2: 162.31/159.82 20-day EMA / Low Dec 18
• SUP 3: 158.67 Low Dec 11
• SUP 4: 157.87 Low Dec 09

EURJPY has pulled back from Monday’s high, but a bullish short-term  condition remains intact for now. Initial firm support lies at 162.31, the 20-day EMA. The cross has recently breached all the relevant Fibonacci retracement points of the bear leg between Oct 31 - Dec 3. A resumption of gains would open 165.04, the Nov 15 high. Clearance of this hurdle would open 166.69, the Oct 31 high and the next major resistance.