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GBPAUD SELL @ 1.90315
🔹TP - 1.89860
🔸SL - 1.90638
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AUDUSD SELL @ 0,90938
🔹TP - 0,90693
🔸SL - 0,91013
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EURCAD BUY @ 1.46470
🔹TP - 1.46634
🔸SL - 1.46361
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GBP/JPY- Rising Wedge or a Bull Channel?
Bearish: Forex Strategies: Currently we are at 200.94 in the top of a range. WE have a possible rising wedge and if we continue through here we will target the ATR Target @ 199.50/ If this is a channel then watch for a bounce back to the top @ 201.36. We should see a reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 149 pips per day and it’s 90 day average is 143 pips per day. Forex Analysis says USDX is currently up.
EUR/USD Daily Outlook
Intraday bias in EUR/USD remains neutral for the moment. Further decline is expected as long as 55 4H EMA (now at 1.0758) holds. Fall from 1.0915 is seen as another leg in the larger corrective pattern. Below 1.0677 will target 1.0601 low first. Firm break there will target channel support at 1.0500 next. Nevertheless, sustained break of 55 4H EMA will turn bias to the upside for stronger rebound instead
USD/JPY Daily Outlook
No change in USD/JPY’s outlook and intraday bias stays neutral. Further rally would be in favor as long as 154.53 support holds. Break of 158.25 will resume the choppy rise from 151.86 towards 160.20 high. But upside should be limited there, at least on first attempt.
In the bigger picture, price actions from 160.20 medium term top are seen as a corrective pattern to rise from 150.25 only. Another rally is still expected at a later stage through 160.02 to resume the larger up trend. However, decisive break of 150.87 will argue that larger correction is possibly underway, and target 146.47 support next.
AUD/USD Daily Report
Intraday bias in AUD/USD remains neutral as range trading continues. Further rally remains in favor with 0.6578 cluster support (38.2% retracement of 0.6361 to 0.6713 at 0.6579) intact. On the upside, firm break of 0.6713 will resume whole rise from 0.6361 to 0.6870 resistance next. However, sustained break of 0.6578 will dampen this bullish view, and bring deeper fall to 61.8% retracement at 0.6495.
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USDJPY BUY @ 158.077
🔹TP - 158.356
🔸SL - 157.904
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Good day traders ! Waiting for a perfect setup signal coming soon.
BoJ's Ueda: Important to reduce JGB purchases in a foreseeable manner
Addressing the post-policy meeting press conference on Friday, Bank of Japan (BoJ) Governor Kazuo Ueda said that the Bank “decided to reduce JGB purchases to ensure long-term yields are formed more freely in markets.”
The BoJ kept the interest rate steady at 0% for the second meeting in a row in June.
Market reaction
USD/JPY holds gains near six-week highs following these comments. The pair was last seen 0.70% higher on the day at 158.18.
It seems like the USD/CHF pair experienced a rebound near 0.8940 during Friday's early European session. This movement might have been influenced by several factors. Firstly, the weaker-than-expected US Producer Price Index (PPI) figure could have initially pressured the pair downwards. However, it's noted that the pair's downside was limited by the hawkish projection from the Federal Reserve, which might have buoyed the US dollar against the Swiss franc.
Additionally, the Swiss Producer and Import Prices dropping 0.3% month-over-month in May, following a 0.6% rise in April, could have contributed to the dynamics. This decrease was below consensus expectations, suggesting potential economic challenges or subdued inflationary pressures in Switzerland, which may have impacted the Swiss franc's performance in the currency pair.
