Technical Outlook

-EURUSD is in downtrend on daily TF while the prices are about to break above the bullish channel in 4hr time frame(Lower timeframe)

-USDJPY have three major confluences: Both the 50 and 200MA are below the price, Price has recently tested the broken zone and it is trading inside a bullish channel.

EUROZONE (EUR): EURO CPI YOY

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. The last CPI was 6.1%, lower than the forecast of 6.3%.

The report is due Friday, 16 June 09:00 GMT

EURUSD Technical Analysis

EURUSD is in a downtrend, with price trading inside the bearish channel—the current price trades above the 200MA and below the 50MA showing short-term due range movement.

There are multiple candle rejections around the psychological level of $1.10782, which the price touched thrice but could not break above it when the bulls were active and in control. The price $1.10782 now is acting as a resistance.

When the multiple candle rejection pattern was formed, the RSI showed medium bearish RSI divergence signifying that bearish pressure was due, and in the next trading session, the prices came down. As there is no clear indication of where the market may head from here but on the 4hr TF, the prices are about to break above the diagonal resistance of the bearish channel.

Traders may look into lower timeframes and make their trading decisions.

Pivot Points: EURUSD

JAPAN (JPY): BOJ PRESS CONFERENCE

The Bank of Japan (BOJ) press conference looks at the factors that affected the most recent interest rate decision, the overall economic outlook, inflation and offers insights into future monetary policy decisions.

The report is due Friday, 16 June 06:30 GMT

USDJPY is in an uptrend and recently broke above the $137.757 resistance zone. A Death Cross formation on the chart on 13th Jan 2023 did not affect the prices much; instead, it did the opposite, with the market moving up.

$137.757 acted as a significant resistance, where the price touched twice, forming the double top pattern. After the correction and pullback, the bulls entered the market and broke above the resistance zone. After the breakout, the price came and retested the broken area forming a break-and-retest pattern.

Currently, the price is trading inside a bullish channel; Traders have a good BUY opportunity with three major confluences. 

-Both the 50 and 200MA are below the price, signaling continuation. 

-Price has recently tested the broken zone.

-The price is trading inside a bullish channel.

Pivot Points: USDJPY

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