Today's analysis: USDJPY Set to Rise Amid Bank of Japan Policy Shift

Product: XAU/USD

Prediction: Decrease

Fundamental Analysis: 

US rate cut expectations are being pushed back further after Fridays forecast-beating NFPs showed the US labour market in robust health. The first 25 basis point cut is not fully priced-in until the December meeting, although the November meeting is a live option. In total, 38 basis points of cuts are seen this year, suggesting that it is currently a coin toss between one of two moves.

Technical Analysis: 

Gold prices are moving into a bear trend with 50 MA crossing below 200 MA and RSI going below the 50 mark. We look for a key level of 2275 area. If prices go below the 2275, we can expect the price to continue to fall and reach previous resistance of 2200 and 2000.

Product: EUR/USD

Prediction: Decrease

Fundamental Analysis: 

The Euro is weakening across a range of EUR-pairs in early trade after this weekend‘s European elections saw a marked shift to the right. After being heavily defeated by Marine Le Pen’s National Party, French President Emmanuel Macron called a snap election, while in Germany Chancellor Olaf Scholz saw his Social Democrat Party beaten by the far-right Alternative for Germany (AFG) party. France will go to the polls on June 30th, while Chancellor Scholz is now under pressure also to call an election.

Technical Analysis: 

EURUSD pair has been trading sideways within the range of 1.1 and 1.04 through the year. We expect the price of EURUSD to decrease based on fundamental news, so we can expect the EURUSD to reach 1.044 and if it falls below 1.044 we can expect the price to test areas below 1.

Product: USD/JPY

Prediction: Increase

Fundamental Analysis: 

The Bank of Japan is broadly expected to discuss cutting bond purchases at a policy meeting ending Friday, with some investors expecting the central bank to also lay the groundwork for raising interest rates next month. Governor Kazuo Ueda and his fellow board members will keep the policy rate in a range between 0 and 0.1% at the end of their two-day gathering, according to all but one economist surveyed by Bloomberg.

Technical Analysis: 

USDJPY prices has been on an uptrend and it looks to stay this way based on technical indicators. We expect RSI to reach above 70 as an entry to go short. Once prices reaches above 157.8 to 160 area. We can expect the price to fall.

Product: BTC/USD

Prediction: Increase

Fundamental Analysis: 

Crypto infrastructure provider Fireblocks has expanded its service offerings to include Coinbase International. Meanwhile, Singapore has become the latest target for Akira ransomware, and last week, U.S. Bitcoin ETFs bought eight times more Bitcoin than was mined. United States Bitcoin (BTC) exchange-traded funds (ETFs) acquired 25,729 BTC last week, around eight times more than the amount of BTC mined over the same time, according to HOLD 15 Capital.

It was also the biggest week of Bitcoin buying since mid-March, when Bitcoin hit its current all-time high of $73,679.

Technical Analysis: 

The bitcoin price recently pulled back to 68000 level and we expect the price to pull back a bit more before it will retest the ATH. We see the RSI level being heavily oversold and we see this as a good buying opportunity to enter and look for price targets on the upside.

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