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  • Rouhani’s Chief of staff says lifting of economic sanctions on Iran has been agreed in Vienna #OOTT
  • IHS Markit "inflation worries have continued to intensify. Record levels of the survey’s price gauges and the further development of capacity constraints hint strongly that CPI has much further to rise after already breaching the BoE's 2% target in May" https://t.co/qRGdhxWfqp
  • 🇬🇧 Markit/CIPS Composite PMI Flash (JUN) Actual: 61.7 Expected: 62.8 Previous: 62.9 https://www.dailyfx.com/economic-calendar#2021-06-23
  • 🇬🇧 Markit/CIPS UK Services PMI Flash (JUN) Actual: 61.7 Expected: 63 Previous: 62.9 https://www.dailyfx.com/economic-calendar#2021-06-23
  • 🇬🇧 Markit/CIPS Manufacturing PMI Flash (JUN) Actual: 64.2 Expected: 64 Previous: 65.6 https://www.dailyfx.com/economic-calendar#2021-06-23
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  • Heads Up:🇬🇧 Markit/CIPS Composite PMI Flash (JUN) due at 08:30 GMT (15min) Expected: 62.8 Previous: 62.9 https://www.dailyfx.com/economic-calendar#2021-06-23
  • Heads Up:🇬🇧 Markit/CIPS Manufacturing PMI Flash (JUN) due at 08:30 GMT (15min) Expected: 64 Previous: 65.6 https://www.dailyfx.com/economic-calendar#2021-06-23
  • Heads Up:🇬🇧 Markit/CIPS UK Services PMI Flash (JUN) due at 08:30 GMT (15min) Expected: 63 Previous: 62.9 https://www.dailyfx.com/economic-calendar#2021-06-23
  • 🇿🇦 Inflation Rate YoY (MAY) Actual: 5.2% Expected: 5.2% Previous: 4.4% https://www.dailyfx.com/economic-calendar#2021-06-23
Looking to Sell USD/JPY

Looking to Sell USD/JPY

Joel Kruger, Technical Strategist

Although we are indeed in the process of a major structural shift with the market looking to carve a longer-term cyclical bottom after establishing record lows by 85.50 back in October, the latest surge has been quite intense, leaving shorter-term daily studies well overbought. In fact, the daily RSI had recently peaked at its highest level in over 10 years. We are now finally starting to signs of a bit of a pullback and contend that short-term risks are for additional weakness towards the 78.00-80.00 area before the market resumes its newly adopted uptrend.

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