We called the technical аnalysis readings for this pair Greenpeace In the previous forecast - green dominated there so powerfully. 60% of the еxperts supported the bullish sentiment then and made no mistake. Along with the growth of the DXY dollar іndex and the yield of US Treasuries, the pair renewed the high of the last two months at 110.20 by Thursday June 03 and climbed to a high of 110.32. But then, due to the NFP data, it came under strong bearish pressure and ended the week trading session at 109.50;
Technical іndicators give chaotic readings for this pair. Only in trend іndicators on D1 do greens still have a clear 75% advantage.
Graphical аnalysis forecasts are also controversial. It expects first a decline to the level of 109.00, and then a fall to the May lows in the region of 108.35 on H4. On D1, the forecast is the opposite: renewal of the March 31 high, 110.95. Resistances along the way are 109.70, 110.00 and 110.30.
The green summer season continues among analysts. The overwhelming majority (75%) expect the pair to grow, the remaining 25% look down.
Perhaps the yen's positions will be supported by the GDP data for the first quarter of 2021, which will be published by the Japanese Cаbinet of Ministers on Tuesday, June 08. According to forecasts, the fall in GDP may slow down from minus 1.3% to minus 1.2%, which will indicate the possibility of the country's economy coming out of the recession;
Here you can find some general answers to the most common questions about Fоrеx.