June-30, 2022, Daily latest currency trading analysis and forex market forecast, by forex forum.
The USD/JPY slides on Thursday, following a lower-than-expected inflation report, which could deter the US Federal Reserve from tightening at a faster pace amidst odds increasing of recession, keeping investors uneasy. At 135.85, the USD/JPY retreats from daily highs shy of 137.00, back below the 136.00 mark.
Besides that, fears of a recession as global growth stagnated, alongside high inflation, spurred a flight to safe-haven. Particularly in the USD/JPY, the yen remains bid, boosted by the fall in US Treasury yields, weighed by falling US inflation expectations, as illustrated by the five and 10-year break-even inflation rates, easing from YTD highs around 3.59% and 3.02% each, down to 2.59% and 2.36%, respectively.
For getting daily latest currency market forecast and forex trading profitable tips, you should join this real forex trading forum.
EUR/USD NEARS MAJOR SUPPORT
On the other hand, The US Dollar is trading at a fresh 19-year high. USD/JPY is at a fresh 24-year high. EUR/USD, as yet, hasn’t been able to punch below its own 19-year-low.
It’s come close: That low is at 1.0340 and was set in 2017. In May, EUR/USD was hurdling-lower, but pulled up just short of that level at 1.0349. And then again, in June, the pair was punching-lower and a higher-low developed, this time at 1.0359.
At that point I started to look for a pullback in the move but that was cut short, with sellers coming in at the same resistance that’s held the highs for the past couple of weeks at 1.0593.
Sellers are making another attempt at support and so far, that attempt has fallen short. But, this carries breakdown potential into Q3 and the fundamental side is a major driver that doesn’t look to let up anytime soon.
At this point, resistance potential remains at the 1.0500 psychological level.
EUR/JPY
EUR/JPY is currently at 141.58 and in a channel. We have convergence to the downside. If we can break this support, we are looking for a continuation towards the ATR target at the 140.77 area and then the S5 at the 140.47 area.
Watch the DXY for any change in direction. The ATR for the pair currently is 187 pips per day, and its 180-day average is 160 pips per day. DXY is currently up at the time of this post.
GBP/USD
Economists at TD Securities expect the GBP/USD pair to continue its downfall. Although the Bank of England (BoE) could offer some support the market is too aggresive in its pricing and cable is likely to break under 1.20 in the near-term.
GBP vulnerable on the crosses
“The near-term GBP trajectory is biased to the downside, even though it maintains a pretty hefty discount.”
“The BoE plus fiscal support may help to put a floor in cable but not before a near-term break below 1.20. Still, BoE pricing seems too aggressive relative to our forecast, leaving GBP vulnerable on the crosses.”
Thank You
The USD/JPY slides on Thursday, following a lower-than-expected inflation report, which could deter the US Federal Reserve from tightening at a faster pace amidst odds increasing of recession, keeping investors uneasy. At 135.85, the USD/JPY retreats from daily highs shy of 137.00, back below the 136.00 mark.
Besides that, fears of a recession as global growth stagnated, alongside high inflation, spurred a flight to safe-haven. Particularly in the USD/JPY, the yen remains bid, boosted by the fall in US Treasury yields, weighed by falling US inflation expectations, as illustrated by the five and 10-year break-even inflation rates, easing from YTD highs around 3.59% and 3.02% each, down to 2.59% and 2.36%, respectively.
For getting daily latest currency market forecast and forex trading profitable tips, you should join this real forex trading forum.
EUR/USD NEARS MAJOR SUPPORT
On the other hand, The US Dollar is trading at a fresh 19-year high. USD/JPY is at a fresh 24-year high. EUR/USD, as yet, hasn’t been able to punch below its own 19-year-low.
It’s come close: That low is at 1.0340 and was set in 2017. In May, EUR/USD was hurdling-lower, but pulled up just short of that level at 1.0349. And then again, in June, the pair was punching-lower and a higher-low developed, this time at 1.0359.
At that point I started to look for a pullback in the move but that was cut short, with sellers coming in at the same resistance that’s held the highs for the past couple of weeks at 1.0593.
Sellers are making another attempt at support and so far, that attempt has fallen short. But, this carries breakdown potential into Q3 and the fundamental side is a major driver that doesn’t look to let up anytime soon.
At this point, resistance potential remains at the 1.0500 psychological level.
EUR/JPY
EUR/JPY is currently at 141.58 and in a channel. We have convergence to the downside. If we can break this support, we are looking for a continuation towards the ATR target at the 140.77 area and then the S5 at the 140.47 area.
Watch the DXY for any change in direction. The ATR for the pair currently is 187 pips per day, and its 180-day average is 160 pips per day. DXY is currently up at the time of this post.
GBP/USD
Economists at TD Securities expect the GBP/USD pair to continue its downfall. Although the Bank of England (BoE) could offer some support the market is too aggresive in its pricing and cable is likely to break under 1.20 in the near-term.
GBP vulnerable on the crosses
“The near-term GBP trajectory is biased to the downside, even though it maintains a pretty hefty discount.”
“The BoE plus fiscal support may help to put a floor in cable but not before a near-term break below 1.20. Still, BoE pricing seems too aggressive relative to our forecast, leaving GBP vulnerable on the crosses.”
Thank You