Technical Analysis | June 4, 2026
Overview
Compared with the previous session, the market has shifted back toward:
“Risk-on led by USD/JPY and the yen-cross complex.”
However, there is now a significant divergence across asset classes.
- U.S. equities are undergoing a short-term correction
- Gold has staged a sharp rebound
- Bitcoin continues to collapse
The dominant theme remains:
yen weakness and strong yen crosses.
1. US Dollar
USD/JPY – 159.86
- Daily: Strong Buy
- Short-term: Sell
USD/JPY remains just below the key 160 level.
The important development is that shorter timeframes have turned bearish.
This may reflect:
profit-taking driven by intervention concerns.
Nevertheless, the daily trend remains firmly bullish.
For now:
buying pullbacks remains the preferred strategy.
USD/CHF
- Short-term: Bearish
- Daily: Bullish
The dollar itself is experiencing some consolidation.
The yen remains the weakest major currency.
2. European Currencies
EUR/USD
Bullish across all timeframes.
GBP/USD
Bullish across all timeframes.
The market is currently favoring:
broad dollar selling.
However, USD/JPY continues to rise.
This suggests that:
the primary story is not dollar strength, but yen weakness.
That is one of the defining characteristics of the current market environment.
3. Oceania
AUD/USD
Bullish on shorter timeframes.
NZD/USD
Bullish across all timeframes.
AUD/NZD
Weak.
The New Zealand dollar is outperforming the Australian dollar.
4. Yen Crosses
This remains the strongest area of the market.
EUR/JPY
Bullish across all timeframes.
185.98
GBP/JPY
Bullish across all timeframes.
215.00
CHF/JPY
Bullish across all timeframes.
202.64
The market is experiencing:
broad-based yen weakness.
AUD/JPY
Neutral.
NZD/JPY
Bullish.
CAD/JPY
Weak.
Among the yen crosses,
the Canadian dollar is the only notable underperformer.
5. Gold
Gold
Bullish from short-term through hourly charts.
Following the recent sharp decline, gold has rebounded strongly.
Prices have recovered above:
$4,500
Silver
Remains weak.
The current picture is clear:
gold is attracting buyers while silver continues to lag.
6. Energy
Crude Oil
Short-term bearish.
Trading in the $94 area.
Natural Gas
Bullish across all timeframes.
Natural gas remains one of the strongest markets currently.
7. Bitcoin
BTC/USD
62,380
Bearish across all timeframes.
Bitcoin remains the weakest asset in the market.
The fact that Bitcoin is being sold despite generally positive risk sentiment is highly unusual.
8. Equities
Equities are undergoing a modest correction.
Dow Jones
- Short-term: Bearish
- Daily: Bullish
S&P 500
- Short-term: Bearish
- Daily: Bullish
Nasdaq
Hourly trend remains bullish.
Nikkei 225
67,476
Still relatively strong.
Strongest Markets
S Rank
- EUR/JPY
- GBP/JPY
- CHF/JPY
- USD/JPY
- Natural Gas
A Rank
- NZD/USD
- EUR/USD
- Gold
Weakest Markets
- Bitcoin
- Crude Oil
- UK Equities
- CAD/JPY
- AUD/NZD
Final Conclusion
The dominant themes in today’s market are:
- Yen weakness
- Strong European currencies
- Rising yen crosses
At the same time:
- Bitcoin continues to collapse
- Crude oil is correcting lower
The market structure is better described as:
“a yen-weakness market rather than a broad dollar-strength market.”
As a result, the most straightforward opportunities currently remain:
- USD/JPY
- EUR/JPY
- GBP/JPY
on pullbacks.
Among them, EUR/JPY and GBP/JPY continue to display bullish signals across all major timeframes.
Based purely on the technical picture, the strongest concentration of capital is currently flowing into:
the yen-cross market.
