USDJPY TECHS: Resistance To Monitor Is The 50-Day EMA
- RES 4: 154.80 High Dec 12 ‘24 and a key resistance
- RES 3: 152.70 50.0% retracement of the Jan 10 - Mar 11 bear leg
- RES 2: 151.08/30 50-day EMA / High Mar 3
- RES 1: 150.15 High Mar 19
- PRICE: 149.09 @ 16:22 GMT Mar 21
- SUP 1: 148.18/146.54 Low Mar 20 / 11 and the bear trigger
- SUP 2: 146.81 1.0% 10-dma envelope
- SUP 3: 145.00 Round number support
- SUP 4: 144.13 76.4% retracement of the 16 ‘24 - Jan 10 bull leg
The primary trend condition in USDJPY is bearish and the latest pullback is an early bearish signal suggesting the recent correction is over. Key resistance to watch is 151.08, the 50-day EMA. A clear break of this average would signal scope for a stronger rally. For bears, a resumption of weakness would refocus attention on key support and the bear trigger at 146.54, the Mar 11 low. Clearance of this level resumes the downtrend.
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EURGBP TECHS: Pivot Resistance Stays Intact For Now
- RES 4: 0.8474 High Jan 20 and a key resistance
- RES 3: 0.8420 76.4% retracement of the Jan 20 - Feb 3 bear leg
- RES 2: 0.8388 61.8% retracement of the Jan 20 - Feb 3 bear leg
- RES 1: 0.8347/78 50-day EMA / High Jan 6 and pivot resistance
- PRICE: 0.8278 @ 16:09 GMT Feb 19
- SUP 1: 0.8266/8248 Low Feb 19 / 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 traded lower again overnight but - for now - remains inside a range. The early February bounce still appears to have undermined a recent bearish threat. Attention is on 0.8378, the Jan 6 high and a key short-term pivot resistance. Clearance of it would strengthen a bullish condition and signal scope for a stronger recovery. For bears, a resumption of weakness would once again refocus attention on 0.8248, the Feb 3 low and the bear trigger.
OPTIONS: US Options Roundup
Tuesday's US rates/bond options flow included:
- SFRH5 96.06c, traded for half in 4k.
- SFRJ5 95.87/95.81/95.62p ladder, traded for 4 in 2k.
- SFRK5 97.43c, traded for 0.75 in 2k.
- SFRM5 95.93/96.06cs, traded for 1.5 in 7.5k.
- SFRM5 95.68p, traded for 2.5 in 3k.
- SFRM5 95.56/95.68/96.00/96.12 Iron Condor, sold at 2.25 in 3k.
- SFRQ5 95.93^, bought for 34.5 in 2k.
- SFRU5 95.93^, sold at 37 and 36.5 in 8k total
- SFRU5 95.93^, traded for 37 in 2k and 36.5 in 3.5k.
- SFRZ5 96.37/96.12/95.68p ladder, sold at 6.25 in 3k.
- 0QH5 95.93/96.06/96.18/96.43c condor, traded 3.5 in 5k.
- 0QM5 96.06 with 2QM5 96.00 straddle strip, bought for 93 in 1.5k.
- 2QU5 96.62/97.00cs, traded 5 in 3k.
