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USD/JPY continues to rise after its bullish reversal pattern from 108.39 (31/05/2018 low). Strong support and resistance are located at 108.05 (09/02/2018 low) and 111.48 (18/01/2018 high). The technical structure suggests short-term increase.

We favor a long-term bearish bias. A gradual rise towards major resistance at 125.86 (05/06/2015 high) seems unlikely. The pair is expected to decline further along long-term support at 101.20 (09/11/2016 low). The pair trades at its 200 DMA.

GBP/USD resistance at 1.3458 has thus far not been decisively broken suggesting retest of support. Key support and resistance are given at 1.3062 (13/11/2017 low) and 1.3613 (03/01/2018 low). The technical structure suggests short-term upward moves.

The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline but the pair is moving to 2016 highs. Long-term support and resistance are given at 1.1841 (07/10/2017 low) and 1.5018 (24/06/2016 high).

EUR/USD has broken the resistance at 1.1736 leading to renewed buying pressure. The short-term trend remains negative as long as prices remain below hourly resistance at 1.1993 (14/05/2018 high). Hourly support is given at 1.1510 (29/05/2018 low).

In the longer term, the momentum is turning largely negative. We favor a continued bearish bias. Key resistance is holding at 1.2886 (15/10/2014 high) while strong support lies at 1.0341 (03/01/2017 low).

Daily Pivots: (S1) 146.38; (P) 147.12; (R1) 147.98; More...

GBP/JPY is staying in range below 148.10 minor resistance at this point. Intraday bias remains neutral. On the upside, above 148.10 will resume the rebound from 143.18 and target 149.99, and then 153.84 resistance. However, break of 145.82 minor support will argue that the rebound from 143.18 is completed and bring retest of this low.

In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.

Daily Pivots: (S1) 128.90; (P) 129.48; (R1) 130.26; More....

EUR/JPY rebounds further today but it's staying below 130.26. Intraday bias remains neutral first. On the upside, above 130.26 will resume the rebound form 124.61 and target 133.47 key near term resistance next. On the downside, however, break of 127.78 minor support will indicate completion of the rebound from 124.61. Intraday bias will be turned back to the downside for 124.61 first.

In the bigger picture, despite rebounding strongly ahead of 124.08 resistance turned support, there was no clear follow through buying. Note again that there is bearish divergence in daily MACD. Firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below. Nonetheless, decisive break of 133.47 key resistance will likely extend the rise from 109.03 through 137.49 high.

Daily Pivots: (S1) 0.8756; (P) 0.8779; (R1) 0.8799; More...

No change in EUR/GBP's outlook as range trading continues. Intraday bias stays neutral at this point. Another rise is expected as long as 0.8693 support holds. Break of 0.8844 will resume the rebound from 0.8620 for 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963). However, break of 0.8693 will bring deeper fall back to retest 0.8620 low.

In the bigger picture, for now, the decline from 0.9305 is seen as a leg inside the long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we'd be cautious on strong resistance by 0.9304/5 to limit upside. Meanwhile, in another decline attempt, we'd expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.

Daily Pivots: (S1) 1.5468; (P) 1.5498; (R1) 1.5514; More....

EUR/AUD lost upside momentum after hitting 1.5556 and intraday bias is turned neutral first. Corrective rise from 1.5271 could still extend. But upside should be limited below 1.5773 support turned resistance and bring fall resumption. On the downside, break of 1.5271 will extend the fall from 1.6189 to 1.5153 next.

In the bigger picture, rally from 1.3624 (2017 low) should have completed at 1.6189 already, ahead of 1.6587 key resistance (2015 high). 1.6189 is seen as a medium term top. Deeper fall would be seen to 38.2% retracement of 1.3624 to 1.6189 at 1.5209 first. Decisive break there will pave the way to 61.8% retracement at 1.4604. In that case, we'll look for bottoming again below 1.4604. On the upside, firm break of 1.5773 support turned resistance is needed to indicate completion of the fall from 1.6189. Otherwise, further decline is expected in medium term, even in case of strong rebound.

Daily Pivots: (S1) 1.1583; (P) 1.1620; (R1) 1.1651; More....

EUR/CHF lose momentum ahead after hitting 1.1656. But with 1.1536 minor support intact, further rise is still in favor to 61.8% retracement of 1.2004 to 1.1366 at 1.1760. But after all, the corrective pattern from 1.2004 is expected to extend with at least one more falling leg. Hence, we'll look for reversal signal again above 1.1760. On the downside, break of 1.1505 will suggest that the rebound is completed. And intraday bias will be turned back to the downside for retesting 1.1366.

In the bigger picture, current development suggests solid rejection by prior SNB imposed floor at 1.2000. Considering bearish divergence condition in daily and weekly MACD, 1.2004 should be a medium term top. And price action from 1.2004 is correcting the up trend from 1.0629. Such correction is expected to extend for a while and therefore, we're not anticipating a break of 1.2004 in near term. Another decline cannot be ruled out yet. But in that case, strong support should be seen at 1.1198 (2016 high), 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to contain downside.

West Texas Intermediate futures is on course for a bullish correction and is posting some gains today, following the rebound on the 64.20 support level. The price jumped above the 66.00 handle and the 23.6% Fibonacci retracement level of the downleg from 72.87 to 64.20, near 66.25, while is currently completing a new eight-day high around 66.49.

The momentum indicators are supportive of the bullish picture, with the RSI rising into positive territory above 50 and approaching the 70 overbought mark. The MACD oscillator entered the bullish area suggesting upside correction in the near term.

Immediate resistance is being provided by the 67.30 resistance level, taken from the high on June 1. Slightly above this region, the 38.2% Fibonacci mark of 67.50 could act as significant resistance before being able to re-challenge the 50.0% Fibonacci, which stands near the 68.60 hurdle.

In case of a downward attempt and a slip below the 23.6% Fibonacci, the price would likely meet support at the 20- and 40-simple moving averages at 65.70 and 65.50 respectively in the 4-hour chart. A break below these levels would ease the upside pressure and retest the 64.85 support that would help turn the very-short-term bias to bearish one again.

In the medium-term, the bearish outlook remains intact, however, there is a significant bullish leg indicating for a positive correction.

UK claimant count dropped -7.7k in May, better than expectation of 11.3k rise.

Unemployment rate was unchanged at 4.2% 3 months to April, met expectation.

Average weekly earnings, including bonus, slowed to 2.5% 3moy in April, below expectation of 2.6% 3moy. Prior month's reading at 2.6% 3moy.

Average weekly earnings including bonus slowed to 2.8% 3moy, below expectation of 2.9% 3moy. Prior month's reading at 2.9% 3moy.

At the time of writing, Sterling shrugs off the weaker than expected wage growth and strengthens against Dollar and Yen.