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Daily Market Analysis from ForexMart
USD/JPY Technical Analysis: June 21, 2018

The USD/JPY pair closed higher inside day during the Wednesday session, reflecting uncertainty and expected volatility with a tendency to move up.

The Forex pair also underwent a transition period after the momentum changed to a downturn at the beginning of the week. However, even if the momentum changed, the main uptrend remains solid.

On the other side, there was a short-rally to cover after sellers moved below after a sharp sell-off on Tuesday.

The Japanese yen major pair moved higher on early Thursday with a strong compulsion in purchases from the Wednesday and Thursday highs. Hence, this northward sentiment induces the market to move their positions in the attempt to test the psychological level of 110.859 and the main top at 110.905.

Higher demand for risky assets drove the price action of the pair and losing the Japanese Yen as a safe-haven. On a deeper perspective, the tension on trade war between the U.S. and China is the main impetus of the trend.

The pair is being traded 110.559 and increased by +0.19% or 0.215 at 2.04GMT. It is likely to uphold its positions taking into account rising of stocks and unsettled trade war between the two big nations continues to advance peacefully.
Andrea ForexMart, Official Representative
ForexMart
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EUR/USD Technical Analysis: July 2, 2018

The euro major pair began the day at a muted note to slower decline across the Asian session. Yet the downtrend seems to be above the 1.16 as it lacks headlines to drive the price change in the background of political conflicts in Germany. There is an issue on the disagreement between Horst Seehofer and German Chancellor Angela Merkel concerning migration related deal secured in the EU summit. Although the government is steadfast on Horst Seehofer’s offer to resign from office, CSU hardliners are deemed to have attempted to talk with the assertive interior minister to stay.

Traders wait for the official result of a press conference scheduled later this day to find out if both parties will proceed and in case the Horst Seehofer resigns, the CSU would offer a replacement to the support the coalition government. Investors will also wait for Eurozone Manufacturing PMI & Unemployment rate data, at the same time, the ISM Manufacturing employment and ISM Manufacturing PMI data from the U.S. are expected to be published. Meanwhile, the EUR/USD is anticipated to trade within the range between 1.16 and 1.17 during the European session as traders wait for the news on updates from the official press conference and the end result to support Merkel and coalition government that could induce the euro major pair to go back to the level of 1.18. The resistance of the pair would be at 1.1690 / 1.1720 and the support will be on the area of 1.1620 / 1.1600.
Andrea ForexMart, Official Representative
ForexMart
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