Daily Market Outlook Monday, June 8 (USD/JPY & EUR/USD)

Zulbahri_GB

Recruit
Messages
1
Hi everyone! This is my first time posting here and I thought I'd share my ideas and analysis. Any discussion is welcomed. My observation were made around 2:30 UTC.

[USDJPY]
  • USDJPY is still moving along the boundary of a rising parallel channel, and in bullish uptrend.
  • Stochastic oscillator value is below 30, entering an oversold range.
  • RSI oscillator is steadies around 50 value.
Important Levels to Watch for Today:
  • Resistance line of 109.827 and 111.678.
  • Support line of 108.808 and 107.895.
USDJPY.png


[EURUSD]
  • Pair pulled back on Friday last week after some 'end of the week' profit-taking. However, the uptrend has not broken yet.
  • EURUSD is still moving along the boundary of a rising parallel channel, and in bullish uptrend.
  • Dollar fell against other currencies after surprising improvement in U.S. labour market data bolstered expectations for economic recovery, which reduced safe-harbour demand for the greenback.
Important Levels to Watch for:
  • Resistance line of 1.1383 and 1.1492
  • Support line of 1.1200 and 1.1146.
EURUSD.png
 

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Zulbahri_GB

Recruit
Messages
1
Hi everyone, this is the update on yesterday observation.

[USDJPY]
USDJPY has broken the boundary of a rising parallel channel and drop, surpassing the first support line but still within the support line 2 range.
USDJPY 1.png


For today, the important levels to watch:
  • Resistance line of 108.610 and 109.868.
  • Support line of 107.880 and 106.796.
Stochastic and RSI oscillators are both entering the undervalue range.
USDJPY.png


[EURUSD]
EURUSD also has broken the boundary of a rising parallel channel, though it still within its even level. Stochastic oscillator reading movement toward undervalue range.

For today, the important levels to watch:
  • Resistance line of 1.1383 and 1.1492
  • Support line of 1.1200 and 1.1146
EURUSD.png
 
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