Dow Is Losing Upside Momentum, EUR/JPY Digs Into Key Resistance While NG Remains Capped

2025-06-06 02:16:37

(MENAFN- DailyFX (IG)) Dow is losing upside momentum

Having revisited the 200-day simple moving average (SMA) at 42,449 this week, the Dow Jones Industrial Average is once again trading below it on Friday following Thursday's Trump-Xi call and as investors prepare for US non-farm payrolls (NFPs).

Provided that no rise above Thursday's high at 42,645 is seen, the index is expected to slip through its April-to-June uptrend line at 42,212 and may retest the 41,854-to-41,778 support zone, made up of the mid-to late May and early June lows.

While the next lower 23 May low at 41,355 holds, though, the medium-term uptrend remains intact.

A rise above Thursday's 42,645 would likely engage the 19 May high at 42,842.

Source: TradingView EUR/JPY digs into key resistance area

EUR/JPY's advance has taken it back right into its ¥164.17-to-¥165.21 major resistance area which may once again stall its advance.

If not, and if a rise above the ¥165.21 May peak were to occur, the October 2024 high at ¥166.69 would be targeted.

Immediate support may be found around the ¥164.26 late May high ahead of the late May to early June lows at ¥162.90-to-¥162.80. While this support area underpins, an upside bias prevails.

Source: TradingView Natural gas futures stay sidelined

The recent advance in US natural gas futures prices stalled marginally below its late March low and May highs at 321.4-to-327.5. A rise above this resistance zone is needed for the early March low at 328.4 to be reached.

In this scenario the mid-to-late March highs at 363.8-to-366.4 may be eyed next.

Minor support below Thursday's 311.1 low can be seen along the 55-day simple moving average (SMA) at 302.7 and at the 29 May low at 294.4.

Further down sit the 9 April and the 6 May lows at 289.8-to-289.2 which may offer support.

Were this area to give way, a slide towards the 200-day SMA at 283.4 and the April-to-May uptrend line at 282.4 may be at hand.

Source: TradingView

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