📰 US Inflation: May CPI at 3.3%, Core CPI at 3.4%. November rate cut by the Federal Reserve is fully priced in by the market.
💬 Federal Reserve Rate: Maintained at 5.25%-5.50%. Powell emphasized that despite some easing in inflation, more data is needed.
🏦 Bank of Japan: Decision tomorrow. Expected reduction in bond purchases may strengthen the yen.
🔍 Technical Analysis Highlights:
• Stochastic Oscillator (Daily): Bullish momentum is weak; the yen might appreciate.
• Resistance Levels (Daily): Watch for potential downtrends below the 65-day moving average and around the 78.6% retracement level.
• Stochastic Oscillator (1 Hour): Approaching overbought, indicating possible selling pressure.
• Rounded Top Pattern (1 Hour): Resistance at the neckline and the 65-period moving average may lead to further yen appreciation.
📍 Pivot Indicators:
• Pivot Price: 157.10
• Bullish Scenario: Above 157.10, targets are 157.45 and 157.75
• Bearish Scenario: Below 157.10, targets are 156.45 and 156.15
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