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USD and JPY Set To Rally with Flight To Quality

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A firmer tone for the US Dollar into the end of June and a still more positive theme expected early this week given intensifying concerns around the Greek Debt Crisis.

This leaves downside technical pressures for EURUSD and also for AUDUSD and to a lesser extent GBPUSD. For USDJPY, however, the focus has shifted back to support as the Yen is set to rally again with a “flight to quality”.

EURUSD

  • The break already below 1.1048 this week leaves a bear bias.
  • The next, initial threat is to 1.0912, but the risk is lower to key support at 1.0819.

Daily EURUSD Chart

EURUSD Chart

AUDUSD

  • Risk of negating the Double Bottom back through .75495
  • The threat would then be for a push through the 2015 lows at .7553/33 down to psychological/option target, .7500.

Daily AUDUSD Chart

AUDUSD Chart

GBPUSD

  • Still an extremely resilient tone for Cable, but nevertheless, susceptible to corrections risks.
  • Initial support threat is to 1.5664 and 1.5623.
  • Better support should hold at 1.5484.

Daily GBPUSD Chart

GBPUSD Chart

USDJPY

  • Initial threat is to 122.44/43.
  • But risk is for a correction down to 121.53 (which we would look to try to hold to retain the bull theme into July).

Daily USDJPY Chart

USDJPY Chart