EURJPY TECHS: Trend Needle Points North

• RES 4: 0.8378 High Feb 6 and a reversal trigger     
• RES 3: 0.8361 50.0% retracement of the Jan 20 - Feb 3 bear leg  
• RES 2: 0.8325 50-day EMA  
• RES 1: 0.8306 High Feb 26 and a key short-term resistance    
• PRICE: 0.8260 @ 16:24 GMT Mar 3 
• SUP 1: 0.8241 Intraday low  
• 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 

A bearish condition in EURGBP remains intact following last week’s move lower. The cross has pierced a key support at 0.8248, the Feb 3 low. A clear breach of this level would strengthen the bearish condition and pave the way for an extension towards 0.8223 , the Dec 19 low and the next key support. To the upside, initial firm resistance has been defined at 0.8306, the Feb 26 high. Clearance of this hurdle would suggest a possible base and a reversal.       

RRP usage retreats by nearly 50% to $119.987B from $234.442B on Friday's month end. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties falls to 32 from 50 prior.

US President Donald Trump is shortly due to make an “investment announcement” at the White House. LIVESTREAM

• Trump is expected to announce a USD$100 billion investment from TSMC. See earlier bullet: US: Trump To Announce $100B TSMC Investment
• Trump has previously appeared alongside CEOs of SoftBank, OpenAI, Apple, and DAMAC to announce private investment projects, touting them as wins for his administration’s business-friendly policies.
• Trump may also highlight a recent decision by Honda to make its next Civic hybrid vehicle in the US rather than Mexico, with Reuters noting, “the move to make the model in the US would avoid potential tariffs on one of its top-selling car models.”