USDJPY TECHS: Continues To Appreciate

• RES 4: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
• RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
• RES 2: $3435.6/3500.1 - High May 7 / High Apr 22 and bull trigger
• RES 1: $3403.5 - High Jun 5         
• PRICE: $3320.0 @ 07:25 BST Jun 9 
• SUP 1: $3240.0 - 50-day EMA
• SUP 2: $3121.0 - Low May 15 and key support 
• SUP 3: $3085.0 - 61.8% retracement of the Apr 7 - Apr 22 upleg
• SUP 4: $3100.0 - Round number support 

A bullish theme in Gold remains intact and the latest pullback is considered corrective. Medium-term trend signals are bullish - moving average studies remain in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on $3435.6 next, the May 7 high. A break of this hurdle would strengthen bullish conditions. On the downside, the next support to monitor is $3240.0, the 50-day EMA.

Sovereign rating reviews of note from after hours on Friday include:

• Fitch downgraded Austria to AA; Outlook Stable
• Fitch affirmed Estonia at A+; Outlook Stable
• Fitch affirmed Hungary at BBB; Outlook Stable
• S&P upgraded Slovenia to AA; Outlook Stable
• Morningstar DBRS confirmed Austria at AAA, Outlook changed to Negative
• Morningstar DBRS confirmed Estonia at AA (low), Stable Trend
• Morningstar DBRS assigned a BBB credit rating to Hungary, Stable Trend

• RES 4: $75.33 - High Feb 20 
• RES 3: $73.88 - High Apr 2 and a bull trigger
• RES 2: $67.73 - 61.8% retracement of the Apr 2 - 9 sell-off 
• RES 1: $66.69 - Intraday high 
• PRICE: $66.35 @ 07:11 BST Jun 9
• SUP 1: $62.09/57.78 - Low May 30 / Low April 9 and the bear trigger
• SUP 2: $55.88 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 3: $54.70 - 2.382 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 4: $54.00 - Round number support

Brent futures traded higher on Friday, resulting in a clear break of resistance at $65.33, the 50-day EMA. A continuation higher would open $67.73 next, a Fibonacci retracement. It is still possible that the recovery since early May is a correction. Moving average studies are in a bear-mode position, highlighting a dominant medium-term downtrend. Support to watch lies at $62.09, the May 30 low. A break would be bearish.