USDJPY TECHS: Short-Term Bear Threat

China's Ministry of Finance said the proportion of electric vehicles in the total annual official vehicle procurement should not be less than 30% in principle, China Securities Journal reported citing a statement on MOF website. The procurement ratio for EVs should be 100% for official vehicles with relatively fixed routes and single usage scenarios, and mainly operating in urban areas such as vehicles for confidential communication, the statement said. 

• RES 4: 160.00 Round number resistance   
• RES 3: 159.45 High Jul 12
• RES 2: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing  
• RES 1: 158.08 High Dec 26 
• PRICE: 156.29 @ 06:47 GMT Dec 31
• SUP 1: 155.89/155.19 High Nov 20 / 20-day EMA
• SUP 2: 153.25/150.90 50-day EMA / Low Dec 10  
• SUP 3: 149.37 Low Dec 06 
• SUP 4: 148.65 Low Dec 03 and the bear trigger

USDJPY has pulled back from this week’s high, however, the move down appears corrective in light of an over-arching bullish condition. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and has paved the way for a move towards 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support is 155.19, the 20-day EMA.

Greece is due to sell bills this week. We expect issuance to be E0.5bln in first round operations, in-line with last week. 

• Today, Greece will sell E500mln of the new 13-week Apr 4, 2025 GTB.

For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.