Forex - Psychology/Strategy for major markets today

 19:17 (GMT) 16 May

  [Forex Strategy]

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Psychology/Strategy for major markets today (0100-ZTHB-C01)

EUR/USD - European close below 1.1790 a big negative and brings 1.1716/.1700 supports into sharp relief. Through there and the former long-lived 1.05/1.15 range starts to enter the conversation.

USD/JPY - The break through 110.00 was hard work and expect more of the same through 110.50 and 111.00. 109.50 should hold the dip now barring a sharper reverse in US yields.

EUR/GBP, GBP/USD - EUR/GBP edging towards .8725 support but it's the EUR doing all the work.  That is a fresh short we would find easy to resist.

DJIA, S&P - Sold off as moderately positive retail sales lifted bond yields, but now getting support from retailers' results, Walmart in focus early Thursday. May be a range trade near term, but bond yields look like the bigger story.

T-Bond - UST price action undeniably poor given the backdrop, struggles for even a technical bounce. Above 3.1% would extend the sell-off.

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