Forex Daily Analysis: 03 June 2021 - US Dollar Strengthens Weakens Yen

Today's forex daily analysis on June 03, 2021, the USDJPY market movement is predicted to continue its weakness for the Japanese Yen. The weakening of the yen is caused by the pessimism of market participants about the release of economic data on Japan's monetary base. It turns out that these concerns are true, where the data released 22.4% is below the prediction of 25.2% and is slightly above the previous period of 24.3%. In addition to the pessimism of market participants about the release of Japanese economic data, the weakening of the Yen also occurred due to the strengthening of the US Dollar. For today's market movement, USDJPY is expected to continue its weakness against the US Dollar. On the other hand, there is a rapid and directed movement for the implementation of Covid-19 vaccination in Japan, which is predicted to be able to revive Jeoang's economy to a normal level before the pandemic strikes. The US Dollar's movement over the course of several days has weakened against several other major currencies. In Wednesday's trading, the condition of the US Dollar tended to be sideways. The sideways movement of the US Dollar is affected by the wait-and-see attitude of market participants, because they are focused on the release of employment data and the unemployment rate and hourly wage, which will be released on Friday tomorrow at 19:30 WIB. For the previous release of employment data, it was released very disappointingly below the prediction and data of the previous period. This led to a weakening of the US Dollar currency. However, at the beginning of this week, after the release of manufacturing data, it has shown that production activity has temporarily increased, as a result of increased demand, which has temporarily encouraged the strengthening of the US dollar currency.

Forex Daily Analysis Predictions

Today's FOREX prediction on the USDJPY pair is expected to weaken/rise and the recommended OP (Open Position) is BUY at the level of 109,700. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points. This the daily forex analysis of June 03, 2021 which discusses the effect of the strengthening of the US dollar on the movement of USDJPY. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.