The US$ looks set to remain under some mild downside pressure against the EU majors and the Aud$, while at the same time enjoying a ride above 110.00 against the Yen – as long as risk sentiment remains positive. Buying the X/Jpy therefore looks appropriate, with both EurJpy and AudJpy seemingly set for further gains in the next day or two. Elsewhere, the DJI looks firm in the near term although the S&P looks less sure and may be trying to form a top, while WTI continues to trade in heavy fashion and seems to have further downside potential in the medium term.
*Trade of the day: 6/7/2018 7:16 AM (AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Buy EurJpy @ 128.50. SL @ 127.40, TP @ 129.90
EurUsd: range trade. 1.1720/1.1820.