Gold Analysis
As the dollar regains strength, this precious metal is hurting. Price has a couple of support levels on the 1D timeframe, so there is potential for a price bounce. However, if price breaks under both levels of support drawn on the chart, strong support lies on a long term trend line below.

Gold breaks support! This shows the importance of small positions, and tight stops! Small loss, looking for another opportunity. Nothing in trading is 100% correct all the time.

In-depth GBPJPY Breakdown 💭

Will $Yen strength break enough to give us some upside?

DOLLAR BREAKDOWN:

Debt ceiling concerns continue to balloon the dollar higher - as traders/investors wait for further decision from the US government on raising the limit.

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TraderNick and FxBigDog talk #DXY moves and de-dollarization 💸

GBP/JPY Analysis
Looking at a possible trend shift confirmation from the Historical Backtest feature on the EdgeFinder. The score went from strong bearish to a buy rating in late April. GJ spiked as yen weakens across the board today. Price has come up above the rising trend line on the 1D timeframe and is nearing a key resistance zone around 172.3. A break above this zone could indicate a continuation of the uptrend. BOE’s recent rate hike of 25 bp further widens the gap between them and Japan’s interest rate which is expected to remain below 0%. Currency strength leans towards the more hawkish GBP.

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JP225 is now a strong buy on the EdgeFinder at +6. The index touched all time highs around the $30,800s before returning some of those gains. This market is at a crucial decision point, and today's price behavior will help determine whether or not it will break to new highs and continue an uptrend, or pullback from profit-taking.

Having that said, sentiment for the Japanese stock market is still strong regardless of COT activity who is net short. However, institutions are slowly changing that by cutting back on short contracts and increasing the number of longs. This has been happening for several weeks but at a slow pace.

I'm showing the Historical Backtest feature instead of a score summary because the SPX500 is in a neutral-to-buy rating. Before this, price had been a strong sell of -6. The fact that the score is shifting this much indicates a possible reversal in EdgeFinder sentiment.

After a better than expected jobs number today, we might be seeing hopeful signs within the US economy. Although inflation did rise higher than expected last week, investors are still hopeful for a rate pause this coming June.

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According to retail sentiment, most of these indices are bullish. GER30 and JP225 are especially bullish while the US30 and UK100 are more mixed. It seems like the best chances investors will have are with the indices that are majority short from the retail side.

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Could what's happening in Japan come to the US next? 💴💸

GBP/USD Analysis
GU is one of the EdgeFinder’s strongest sells right now. After hitting a significant resistance level, long term falling trend line, and breaking under a medium-term rising trend line, the score hit -6. If price closes the day below that trend line, it could indicate a lower move towards the 1.22s.

GBP/JPY Analysis
Between the GBP rate hike of 25 bp, a dovish BOJ, a retest at previous resistance, this pair looks bullish. A break above the 182.3 zone could indicate a continuation to the upside. One promising bullish setup could be a potential retest on the rising trend line on the 1D timeframe.

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GBPJPY still maintains its buy score of +3. The factors keeping this pair from being a strong buy are purely fundamental. The UK has a terribly high inflation rate, especially in comparison to that of Japan. That coupled with a lower growth in GDP and higher unemployment, it seems almost pointless to be long.

However, the EdgeFinder likes this pair to the long side. Yes, the score is heavily influenced by technicals right now, but CPI news this week could cause another run higher. The y/y rate is expected to beat expectations and come down below double digit inflation. Seeing the report meet expectations, GBP will likely gain more investor interest.