Technical Analysis | June 3, 2026
Overview
Market conditions have shifted slightly since the previous update.
The environment is transitioning from:
“broad-based risk-on”
to
“strong equities + higher USD/JPY + a split commodity market.”
The most notable developments are:
- USD/JPY approaching 160
- Nikkei trading above 68,000
- Nasdaq above 30,600
- Gold and silver weakening
- Bitcoin experiencing a sharp decline
1. US Dollar
USD/JPY – 159.85
- Daily: Strong Buy
- Hourly: Neutral
- Short-term: Buy
USD/JPY is approaching the key 160 level.
This remains the central theme of the market.
The move is being driven less by broad dollar strength and more by:
continued yen weakness.
USD/CHF
Strong Buy on both hourly and daily charts.
The dollar continues to outperform even against the traditionally safe-haven Swiss franc.
2. European Currencies
EUR/USD
Bearish from the hourly chart upward.
The daily chart also remains strongly bearish.
→ Selling rallies remains the preferred strategy.
GBP/USD
Bearish across all timeframes.
The pound, which had been one of the strongest currencies recently, is now losing momentum.
EUR/GBP
Bullish in the short term.
→ The pound is currently underperforming the euro.
3. Oceania
AUD/USD
Daily chart remains strongly bullish.
Short-term charts show a modest correction.
NZD/USD
Weak from short-term through hourly charts.
AUD/NZD
Bullish across all timeframes.
→ AUD continues to outperform NZD.
4. Yen Crosses
Momentum is becoming more mixed.
EUR/JPY
- Daily: Strong Buy
- Hourly: Weak
GBP/JPY
- Daily: Strong Buy
- Hourly: Weak
AUD/JPY
Daily chart remains bullish.
NZD/JPY
Weak on shorter timeframes.
CAD/JPY
Weak overall.
Summary
Yen weakness remains in place,
but momentum across the yen-cross complex is beginning to slow.
5. Precious Metals
This is where the biggest change has occurred.
Gold
Strong Sell on both hourly and daily charts.
Silver
Bearish across all timeframes.
Summary
Capital is flowing out of precious metals.
6. Energy
Crude Oil
Strong Buy on the hourly chart.
Trading in the $96 area.
Natural Gas
Bullish across all timeframes.
Summary
The energy sector has regained strength.
7. Bitcoin
BTC/USD
Trading around 67,170.
Strong Sell on the daily chart.
Bitcoin remains one of the weakest assets in the market.
8. Equities
Equities remain exceptionally strong.
Dow Jones
Bullish across all timeframes.
S&P 500
Bullish across all timeframes.
Nasdaq
30,660
Bullish across all timeframes.
Nikkei 225
68,477
Exceptionally strong.
Strongest Markets
S Rank
- Nikkei 225
- Nasdaq
- Dow Jones
- USD/JPY
- Natural Gas
A Rank
- Crude Oil
- AUD/JPY
- AUD/NZD
Weakest Markets
- Bitcoin
- Silver
- Gold
- GBP/USD
- DAX
Final Conclusion
The dominant themes in today’s market are:
- Higher equities
- Yen weakness
- Strong energy markets
At the same time:
- Bitcoin
- Gold
- Silver
remain under pressure.
Capital appears to be rotating away from:
safe-haven and alternative assets
and into:
equities, USD/JPY, and energy markets.
Based purely on the technical picture, the most attractive buy-the-dip opportunities currently appear to be:
- USD/JPY
- Nasdaq
- Nikkei 225
- Crude Oil
Conversely, the market continues to favor selling rallies in:
- Bitcoin
- Gold
- Silver
The biggest focus remains USD/JPY.
With the pair trading near 159.85, the market is increasingly focused on the battle between:
a potential break above 160
and
the growing risk of official intervention.
