By Orbex
EURJPY breaks double bottom
The safe-haven Japanese yen soars on news of a vaccine-resistant covid variant. A bearish MA cross on the daily chart indicates weakness in the euro’s previous rebound.
The pair has closed below last September’s low at 127.90, a major floor to keep price action afloat in the medium term. This is a bearish signal that the sell-off is yet to end with 127.00 as the next support.
The RSI’s double bottom in the oversold area may attract some buying interest. However, the bulls will need to lift 129.50 before a reversal could take shape.
GBPUSD struggles to bounce back
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
The pound continues on its way down against the US dollar over divergent monetary policy. The pair is hovering near a 12-month low around 1.3280.
Sentiment remains bearish after a failed rebound above 1.3420. A bullish RSI divergence suggests a deceleration in the downward momentum.
1.3390 is the first hurdle ahead. Its breach would prompt the short side to cover and open the door to the daily resistance at 1.3510. Otherwise, a bearish breakout would send the price to 1.3200.
GER 40 to test major floor
The Dax 40 plunged as investors fret that new lockdowns could wreck the recovery. The gap below 15760 has forced leveraged buyers to bail out, stirring up volatility in the process.
The momentum is typical of a catalyst-driven sell-off. Below 15150 the index is testing the psychological level of 15000. The RSI’s oversold situation has attracted a ‘buying-the-dips’ crowd in the demand zone.
Further down, 14820 is a key floor to maintain the uptrend. 15530 has become the closest resistance in case of a rebound.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- The US stock indices once again finished the trading session at new all‑time highs Jun 1, 2026
- USD/JPY Approaches 160.00: Is Another Intervention Coming? Jun 1, 2026
- COT Metals Charts: Weekly Speculator Changes led by Steel May 31, 2026
- COT Bonds Charts: Speculator Changes led by 2-Year & 10-Year Bonds May 31, 2026
- COT Energy Charts: Speculator Bets led by Gasoline & Bloomberg Index May 31, 2026
- COT Soft Commodities Charts: Speculator Changes led by Coffee May 31, 2026
- The US and Iran have reached an agreement to extend the ceasefire and gradually unblock the Strait of Hormuz May 29, 2026
- Volatility in EUR/USD Eases, but Market Risks Remain May 29, 2026
- Bitcoin fell below $74,000. The Canadian dollar dropped to a six‑week low May 28, 2026
- Gold Under Pressure: Third Consecutive Session of Declines May 28, 2026
