USDJPY coming off from monthly highs as the pair couldn’t break the May highs as sellers emerged at levels of 103.40 sending the pair above 100 PIPS. Bias still remains to the upside as long as this market is trading above 101.14, break below this level would be a bearish signal.
Gold bouncing off the monthly as the precious metal formed a long bullish candle yesterday after posting a new monthly low and also price action as formed an outside day, which may be indicative of a short term reversal. The pair is retracing some of the gains made yesterday but as long as we are above yesterday lows our preferred strategy is buying the metal. Above yesterday’s highs would confirm a short term reversal.
EURUSD has been consolidating this week as traders anticipate to the Non-Farm Payrolls scheduled to be published tomorrow at 13:30 PM GMT. Meantime price action has been moderate in the pair. The EURUSD has posted a new monthly high earlier today but quickly retraced back to opening levels has sellers emerged at those levels, sending the pair down.