Morning Insights 11th June

Simon Alagbe

Analyst


Instrument: EURJPY

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 133.416 with take profit at 133.555.

Bearish Preference: Sell position is envisaged if price trades below 133.176 with take profit at 133.059.

Fundamentals:

No major economic data with bearing on the pair

Comment: EURJPY has started the Asian Section with a bullish movement on the D1 time frame where price is currently sitting on the 132.964 support level. However, it's worthy to note that we have seen the pair trading above the 50 EMA depicting an upward trend on the pair. 




Instrument: USDJPY

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above  109.543  with take profit at 109.658.

Bearish Preference: Sell position is envisaged if price trades below 109.178 with take profit at 109.069.

Fundamentals:

Prelim UoM Consumer Sentiment (USD) 3:00 PM

Comment: The dollar was down on Friday morning in Asia after the U.S. posted higher-than-expected inflation data in May. The greenback nursed small losses, as traders figured there were enough one-offs in last month's 0.6% rise in consumer prices to support the Federal Reserve's insistence that inflation was likely to be transitory.

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