The yen is the laggard to start the new week, as USD/JPY starts to take another look at its 200-day moving average near 137.00 once again. There is sterner resistance from the March and early May high, before the 138.00 mark comes into play. That is the more critical technical point in limiting any upside move in my view.
In a turnaround of fortunes, EUR/JPY is also looking to post back-to-back daily gains after holding at the 25 April low at 146.29 and is trading back up to just under 148.00 now. But is it a case of a lower highs, lower lows pattern forming for the pair? That is something to consider.
Besides that, there is also this technical development forming in EUR/USD so that is one to watch out for.
Elsewhere, gold is still hanging on at the $2,000 mark while silver's breakdown is not quite ready to run towards its 100-day moving average at $23.39 just yet. It might be a bit of a wait and wonder until we get to the US retail sales data tomorrow perhaps.
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