 Hi, good morning, and welcome to today's products and focus a lot of traders are focusing on dollar yen at the moment Which that which is running about 110 with many commentators talking about potential Bank of Japan intervention We have seen some recent yen buying as a safe haven as equity markets have kind of sold off ever ever so slightly and That potential shadow of Bank of Japan intervention has as kind of helped to keep the dollar yen under control Goldman Sachs came out today with it with an update thinking that dollar yen might actually reverse course I might have a value closer to 130 And that would actually be pretty surprising for the rest of the market because that's not the way that it's going right now But it all depends on the way that the Bank of Japan plays things Will it be stimulus or not another interesting tip bit about the Bank of Japan is that they're actually one of the top 10 shareholders of about 90% of the stocks on the topics right now and the the question of many Analysts are asking right now is is that likely to increase going forward and the currency war is still very much Being played right across the board. We've seen some big moves over in the emerging markets Just now the ring get actually under intense pressure Is there is a yet another scandal blowing up over there with some major funds owned by the government? And that's having having kind of ramifications in that kind of wider area Things a little bit quieter in China right now at the moment And why that's why that's quite interesting is because we do have The Fed meeting has been kicked off today and Janet Yellen is due to give her statement tomorrow About the likelihood of an interest rate hike at some point in the future or not While this information is is so important is Even though most common theorists don't believe that Yellen is going to make any any action this month Is what will the statement come out with? Will it be hawkish about the fact that the US there is near all-time highs and that the macro data is actually better than expected And things have been a bit quieter on there on China on the Chinese front as well Is that cause for the fact that there needs to be some sort of rhetoric on a rate hike or not? So that's tomorrow But let's talk about let's talk a little bit more about today from a technical perspective But that's the fundamental side It's all about what's happening in Japan at the moment the Bank of Japan what they're gonna do next and most importantly It's all about what the Fed statements gonna come out with tomorrow. Okay, so let's move on to the technical side So as you can see here, this is the US 30 and even though it has retreated We had a big bounce day yesterday. We're very negative to start the day still ended negatively But a strong rebound of 17 847, but it's kind of flat lining a little bit today This is on the daily charts 71% of seemsie marks clients are currently short that the technicals are relatively neutral Moving on to the onto the UK 100 What we are seeing here is a failure to break through 64 53 a big retreat down to middle of two ranges between 63 23 and 62 20 you can see that seemsie markets clients are a little bit indifferent as to the direction next directional move 54% Are currently short We are seeing the slow to task slow stochastic is over but it's almost crossing back over that 80% level giving a signal to sell and we did it already recently in the else on the element also later Have a signal to sell there as well and negative crossover on the MACD not quite the rebound that we saw on the US 30 The UK market sell off looks a little bit more aggressive and a bit weaker And we are in the middle of two ranges that makes it a bit more difficult to choose the direction So looking at Japan 225 as you can see there. We had a strong sell off there on Monday They're really strong rally there on on the on the Friday And even though we are off the session load so far today We still are in negative territory 74% of seemsie marks clients are currently long The other technicals are relatively neutral apart from the slow stochastic That's just gone over bought the question is friends that are going to go back into the they're going to give the Potential sell signal when it breaks back through that 80% level. It'll be a few days looking at the the dollar yam very similar Pattern to the Japan 2 to 5 in the short term do very strong move there on Friday Bevicell off yesterday and again today back down to 110 had broken had briefly broken above 111 spots 61 was unable to follow through 84% of seemsie markets clients are currently long They're obviously anticipating another move to the upside. We're going to crude oil with Texas Did briefly over four periods touch 42 95 or pretty much 43 dollars This is obviously going to be a major potential resistance level Struck back off back down towards 70 spots 79. I'm sorry 40 spots 79 While it's floating about these two ranges just now It's a bit difficult to trade depending if you're long or short 58% of seemsie marks clients are currently short But it gets a bit more interesting when it gets closer to these potential rally points Moving on to gold and a very very volatile session You just sit there and Thursday have all tiles been a sell-off than another sell-off there on the Friday And now it's just hugging these moving averages We're still waiting for this net like this neckline break, which is never never feeling it's going to come And that we are looking like we're developing into this ascending triangle formation between 30 no 7 and this trending Support level, but it's a long time going so volatile as well It's a tough one to trade and then finishing up with your dollar and GBP USD So your dollar and that is in the middle of two ranges right now. It's not much to say It's an actually trading in between both moving averages as well We're miles away from one spot 14 and one spot 11 57% of seemsie marks clients are currently short looking at these patterns here It does look like it's now making a pattern of lower highs If it breaks below that 55 period SMA might potentially drift down towards one spot 11 But right now was in between these two moving averages and so far away for any any meaningful support resistance It's also a tough one to trade and then finishing up with GBP USD Technical breakout on the sterling Finally breaking that level higher one spot 46 34 could be the next potential move I think GBP USD will be heavily influenced now by the Brit exit that vote comes out at the 23rd of June the Obama speech where he urged UK to stay within the European Union has probably helped the The the no camp as in we want to we want to not leave we want to stay in the Eurozone And that's what's caused the sterling to have that little bit of a push push higher And that's why it's decoupled greatly from from Euro dollar So there's gonna be a lot of volatility in GBP USD and the UK 100 between now and the 23rd of June Okay, so let's have a couple look at the market calendar. Just to very quickly finish things up As you can see there today We do have durable goods and the consumer confidence index today We do have GDP and the FOMC and weekly petroleum stats Tomorrow it's all about the FOMC now. That's gonna be a big one Thursday It's all about CPI for Japan house prices for the UK employment loads of stuff coming out of Thursday employment data from Germany CCI from Eurozone CPI from Germany Employment claims and then GDP from the US Thursday to big day as well So Wednesday and Thursday is huge and Friday you got loads of stuff as well You've got CPI employment data GDP personal income and the University of Michigan sentiment index as well to round things up Well guys, that's it for me join me again tomorrow to find out what happened next and very good luck with your trading throughout the day Thank you very much and goodbye