Daily Market Analysis 08.06.2023: EURJPY

Instrument: EURJPY

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 149.844 with take profit at 149.956.
Bearish Preference: 
Sell position is envisaged if price trades below 149.587 with take profit at 149.460
No high-impact bearing to this instrument.

A combination of factors provides a modest lift to the Japanese Yen (JPY), which, in turn, prompts some intraday selling around the EUR/JPY cross. The prospect of Japanese authorities intervening in the markets continues to underpin the JPY, which draws additional support from a generally weaker, while EUR/JPY is down 0.8% Also, Natural gas shortages in Europe may trigger gas-to-oil switching which still affects the EURJPY instrument.

Analysis: SCRUM Team

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