The latest US labor data proved to be weaker than expected , the probability of a double rate hike by the Fed this year fell significantly

USD/JPY
General overview
US treasury yields dropped amid concern that Trump tax reform may be deferred; this will pressure USD/JPY in the short term. USD/JPY may drop to 110 in short-term time frame
Technical analysis and recommendations:
Shorts when the USD/JPY pullback upwardly
The nearest strategic support is located around JPY110.60 level. The market was storming this level since early May. It seems that in the coming days this level may be taken which will provoke the activation of stop-limits orders. Cautious shorts on upcoming pullbacks can be interesting in the current situation.
EUR/USD
With improved data on European economy and rising US political risk, EUR may gain in the short term. The focus is on the meeting of the European regulator on June 8. The market expects hints at the slowing of the support program for the European economy. For the coming 0-3 EUR months, EUR may rise to 1.13 level.
Technical analysis and recommendations:
Longs when market rollbacks at level 1.1190
Level 1.1190, now appears in the role of tactical support. The nearest resistance is in the area of last week's highs. Overcoming 1.1270 will open the road to the area of 1.1320. Before the ECB meeting, a partial fixation of profits and a rollback may take place down to the level of 1.1200
Brent Oil
The decline in the oil market continued on the last day of the previous week. Futures for Brent crude oil fell to the area of ​​$ 49 per barrel against the background of data on the growth in the number of drilling rigs, which showed an increase of 11 units. Today, despite the report on the deterioration of diplomatic relations between the Persian Gulf countries, the decline in the oil market continued. Brent moves to the lows of Friday-the level of $ 49 per barrel which is now acting as the nearest resistance. Nevertheless, in our opinion, the current levels of the oil market do not correspond to the fundamental background-the beginning of the summer season in the US, OPEC agreement and the weak US dollar. All these are medium-term factors in support of the oil market.
Technical analysis and recommendations:
Careful middle term longs at $49-$48.95
This trading analysis is for informational purposes only and is not intended to be a strict recommendation for action or an offer for the purchase or sale of any currency, future or stock. Publishing the information we do not try or to attract any funds or deposits. We share our analytical view of current market situation and we don’t have any open position in instruments discussed and no plans to open any positions. Any person considering this research should carefully consider the risks associated with this and the level of trading experience.
Fort Financial Services