- Buyers gave it one last shot as price bounced off the Daily 20 EMA, went again to the Monthly R1 Pivot and failed. Potential triple top looks likely to form now.
- I would follow the same approach as last week where expect to see a more consolidated and rangy drop.
- Just an important point to note that dollar tends to drop at the beginning of June before moving slowly up but not with the same velocity as May.
- Same approach as last week. Potential triple bottom forming on the daily.
- Potential targets are highlighted on the chart.
- After what appeared like price stalling, JPY buyers continued to push forward.
- Still at extreme +7 strength on the currency strength matrix, I will follow seasonal patterns and continue to look for sell setups on this pair and the crosses where there is still some room to drop in the current Daily Phase 1.
- Price retested the Daily trendline twice before buyers smashed through a few resistance levels.
- Look for buy setups above 1300.90 – 1301.