USDJPY TECHS: Maintains A Bearish Tone
- RES 4: 151.30 High Mar 3
- RES 3: 150.57/151.21 50-day EMA / High Mar 28 and reversal trigger
- RES 2: 149.35 20-day EMA
- RES 1: 148.18 Low Mar 20
- PRICE: 146.06 @ 16:57 BST Apr 4
- SUP 1: 144.56 Intraday low
- SUP 2: 144.13 76.4% retracement of the Sep 16 ‘24 - Jan 10 bull leg
- SUP 3: 143.43 Low Oct 2 ‘24
- SUP 4: 142.95 1.00 proj of the Feb 12 - Mar 11 - 28 price swing
USDJPY maintains a softer tone following this week’s sharp sell-off. The pair has pierced support at the 145.00 level. A clear break of this level would strengthen a bearish theme and signal scope for an extension towards 144.13, a Fibonacci retracement point. Note that the trend condition is oversold, a recovery would allow this set-up to unwind. Initial firm resistance to watch is 148.18, the Mar 20 low.
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GBPUSD TECHS: Northbound
- RES 4: 1.3048 High Nov 6 ‘24
- RES 3: 1.2990 High Nov 8 2024
- RES 2: 1.2924 61.8% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 1: 1.2874 High Nov 12 ‘24 & Mar 5
- PRICE: 1.2872 @ 16:06 GMT Mar 5
- SUP 1: 1.2679 Low Mar 4
- SUP 2: 1.2595 20-day EMA
- SUP 3: 1.2554 50-day EMA and a short-term pivot support
- SUP 4: 1.2440 Low Feb 13
The trend outlook in GBPUSD remains bullish and this week’s strong gains reinforce this theme. Note that moving average studies have recently crossed into a bull-mode position, highlighting a potentially stronger bull cycle. Sights are on a climb towards 1.2924, the 61.8% retracement of the Sep 26 ‘24 - Jan 13 bear leg. Initial firm support to watch is 1.2554, the 50-day EMA. A pullback would be considered corrective.
US TSY FUTURES: BLOCK: Jun'25 10Y Sale
- -5,000 TYM5 110-27, sell through 110-27.5 post time bid at 1322:42ET, DV01 $324,000. The 10Y contract trades 110-26 last (-14).
US: FED Reverse Repo Operation
RRP usage inches up to $139.493B this afternoon from $135.257B Tuesday. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties falls to 32 from 50 prior.
