Psychology for major markets Jun 23

EUR/USD – EUR/USD topside looking more restricted due to geopolitical concerns but may have scope to gain if tariffs return to the top of the agenda

USD/JPY – JPY under general pressure without any clear rationale, suffering more than others from USD strength on geopolitics. Positioning may be a factor, and the high 140s look good long term value for USD/JPY sellers

EUR/GBP – Stabilising in the mid-0.85s after more dovish MPC vote.

AUD/USD – Slipping back below major support area around 0.64 on general USD strength, but downside unlikely to extend far unless conflict escalates

Equities – S&P looking stretched near 6000 as some significant negative tariff impact still likely and geopolitical risk increasing.