Slobodan Drvenica
Windsor Brokers
USD/JPY
The USDJPY dipped below 140 mark on Tuesday, adding to reversal signals which are developing on daily chart.
Pullback from new 2023 peak (140.93) comes after Doji candle on Monday showed indecision, signaling that larger bulls were running out of steam.
Strongly overbought daily studies prompted traders to start collecting profits, as uncertainty grows ahead of Friday’s release of US labor report for May.
Today’s comments from Japanese officials that market moves will be closely watched and appropriate response may follow if needed, provided fresh tailwind for yen.
Correction is very likely at this point, as indicators on daily chart turned south and about to emerge from overbought territory, though the action may be milder as traders remain cautious and await signals from US jobs data.
US NFP is forecasted at 180K in May vs 253K in April and significant drop below consensus would help yen to regain ground and probably test 200DMA pivot at 137.25.
Conversely, strong NFP beat would spark fresh acceleration higher and possible test of key Fibo barrier at 142.50 (61.8% of 151.94/127.22 downtrend).
Res: 140.00; 140.93; 141.97; 142.50.
Sup: 138.81; 137.90; 137.77; 137.25.
Interested in USD/JPY technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD loses traction, retreats below 1.0600
EUR/USD lost its recovery momentum and declined below 1.0600 in the American session on Friday, erasing a portion of its daily gains in the process. Nevertheless, the risk-positive market atmosphere after PCE inflation data helps the pair limit its losses.
GBP/USD turns negative on the day below 1.2200
GBP/USD reversed its direction and slumped below 1.2200 in the American session on Friday after rising above 1.2270 earlier in the day. Position readjustments and profit-taking on the last trading day of the quarter seems to be weighing on Pound Sterling.
Gold reverses direction, drops below $1,860
Following a steady rebound toward $1,880 on Friday, Gold price made a sharp U-turn and turned negative on the day near $1,860. Although the 10-year US T-bond yield is down more than 1%, XAU/USD struggles to find demand on the last day of Q3.
Polkadot Price Forecast: DOT reversal seems inevitable after 92% correction from all-time high
Polkadot price, in nearly two years, has shed 92.91% from its all-time high of $55.09. The massive downswing in DOT has pushed it down to levels that were last seen in October 2020. Hence, the chances of this altcoin forming a bottom and rallying are high.
Earnings beat triggers Nike to spike 9%
Nike (NKE) stock has surged over 9% in Friday’s premarket, climbing above $98 per share, following late Thursday’s fiscal first-quarter earnings release. Nike beat pessimistic earnings expectations by more than 23% and hiked its dividend by 9%.