USD: Notable overnight moves in the Yen

• RES 4: $2762.3 - High Nov 1  
• RES 3: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg
• RES 2: $2726.2 - High Dec 12    
• RES 1: $2698.0 - High Jan 10     
• PRICE: $2688.8 @ 07:25 GMT Jan 13
• SUP 1: $2642.1 - 50-day EMA   
• SUP 2: $2596.2/2583.6 - Low Dec 30 / 19
• SUP 3: $2564.4 - Low Nov 18 
• SUP 4: $2536.9 - Low Nov 14 and a key support 

Recent gains in Gold appear corrective - for now. However, the yellow metal is holding on to last week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important short-term resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2642.1, the 50-day EMA.

• Although off their lows, Bond futures continue to fall on both sides of the Atlantic, a continuation following Friday's data, Bund printed a fresh low overnight, and the Yield will be getting closer to the July high of 2.642%, equated to 130.56 on Friday, so far printed a 130.64 low Overnight.
• US 10yr Tnotes has lost close to a figure since the US NFP, next support will be seen at 107.04+, circa 4.80% next in Yield, ahead of the Psychological 107.00.
• For Bund, support is at the 130.56 area, while resistance moves down to 131.37 initially.
• It's another very busy Week ahead, UK, US CPIs, another Heavy supply Week, and the start of the US Earnings, which really kicks off on Wednesday.
• For Today, there's no real tier 1 Data, Portugal CPI will be final reading, and out of the US, sees NY Fed 1yr Inflation expectations.
• SUPPLY: Italy €2.75bn 2027 (equates to 31.3k short 2yr BTP) should weigh, Italy €3bn 2031 (equates to ~20.9k BTP) could weigh.

• RES 4: 122.85 High Dec 12     
• RES 3: 121.43 High Dec 16  
• RES 2: 120.70 High Dec 20   
• RES 1: 119.23/119.96 High Jan 8 / 20-day EMA   
• PRICE: 1117.89 @ Close Jan 10 
• SUP 1: 117.65 Low Jan 10          
• SUP 2: 117.40 Low Nov 7 and a key support 
• SUP 3: 116.59 76.4% retracement of the Jun - Dec ‘24 bull cycle
• SUP 4: 116.07 Low Jul 8 ‘24 (cont)    

The current bear cycle in BTP futures remains in play and last week’s move down reinforces current conditions. The contract has recently breached the 20-day EMA and cleared 118.80, the 76.4% retracement of the Nov 7 - Dec 11 bull cycle. Sights are on 117.40, the Nov 7 low (cont) and a key support.    Key resistance and the bull trigger has been defined at 123.34, the Dec 11 high. Initial firm resistance is seen at 119.96, the 20-day EMA.