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  • Mike Paterson

Jury out still

Tuesday 22 June 2021

Yesterday's firmer risk sentiment and JPY selling plays were very notable per my daily update and occasional tweet and a decent correction of some of last week's/yesterday's Asian moves.

Some capping in forex pairs and equities/yields also notable now and my strategy of staying out and being patient has once again been prudent. Nothing retrospective in that as regular readers will know. All part of my trading style/preferences. BOE on Thursday casts a small shadow.

Jury is still out on USD and risk sentiment. Patience and discipline are key of course and not being greedy as ever.

GBPUSD: A decent rally to 1.3940 now retracing to 1.3870 and some rally-sell pips already banked. I remain a rally seller but still expecting some dip demand. Keeping an eye on EURGBP and GBPJPY as always.EURGBP: A good hold of 0.8550 this time again on the extended move having failed into 0.8600 once more. Rally to test 0.8580-85 now helping to cap GBPUSD.GBPJPY: A strong rally on the firmer risk sentiment but failing into 153.80, understandably given the 151.30 lows a few hours earlier yesterday.

I remain a GBP rally seller across the pairs. Risk to the downside still overall.

EURUSD: Finding support at 1.1890 this time but equally capped at 1.1920 as cross plays impact per my tweet yesterday. USDJPY: Finding support now at 110.20 after yesterday's hold of 110.00 per my options and firmer risk sentiment warnings but rally sellers still poised between 110.50-80 including me.EURJPY: Previous 130.80 support I highlighted yesterday duly held once broken and now replaced by 131.20 but sellers poised still amid core pair offers and variable risk.USDCHF: Undepinned now at 0.9180 as EURUSD caps with the SNB ever vigilant but sellers at 0.9230 now.EURCHF: Holding 1.0940 still as I highlighted yesterday with SNB shadow/help ever present but sellers poised into now ino 1.0980 and the key 1.1000 area

AUDUSD: Finding sellers like me into 0.7550 but 0.7480 still remains decent support after another AUDJP/firmer USD fall. USDCAD: A decent retreat from 1.2480 but a strong support line/ bids now at 1.2360.CADJPY and oil still prime movers.

Let's continue to be careful out there in all things. Staying safe must be our main priority still. Have a good week everyone.

Interbank rates: 08.50 BST

GBPUSD 1.3885

EURUSD 1.1897

EURGBP 0.8568

GBPEUR 1.1670

GBPCAD 1.7195

GBPJPY 153.42

GBPZAR 19.8488

GBPHKD 10.7612

USDJPY 110.50

USDZAR 14.3195

EURJPY 131.46

EURCHF 1.0942

EURHKD 9.2212

AUDUSD 0.7501

USDCAD 1.2385

USDCHF 0.9198

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