US stocks opened higher on Monday, 9 June, but pared gains in the second half after US-China trade talks in London concluded without progress. Talks are set to resume on Tuesday, 10 June. The S&P 500 (+0.1%) and Nasdaq 100 (+0.2%) posted modest gains, while the Russell 2000 outperformed (+0.6%). The Dow Jones Industrial Average ended flat.
President Trump remarked that China is “not easy” as both sides work to ease tensions over tech and rare earth shipments.
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JPY was the worst performer after BoJ Ueda’s dovish comments on inflation
The US dollar saw sideways movement after Friday’s stronger-than-expected non-farm payrolls lifted the US Dollar Index by 0.5%. On Monday, the dollar slipped -0.2% ahead of the trade talks but reversed course in early Asian trading on Tuesday, gaining 0.2% to 99.22, though still below its 20-day moving average resistance at 99.60.
The Japanese yen weakened the most among major currencies, falling -0.3% against the dollar. This came after BoJ Governor Ueda stated that Japan’s inflation trend remains “some distance away” from the 2% target.
Asian equities bullish tone intact as US-China trade talks rolled over to a second session in London
Asian stock markets extended gains for a second straight session. Japan’s Nikkei 225 rose 0.9%, and Hong Kong’s Hang Seng Index climbed 0.3% in early trade. Notably, the Hang Seng
China Enterprises Index officially entered bull market territory on Monday, closing up 1.7% with a 24% rebound from its 9 April low.
Economic data releases
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Fig 1: Key data for today’s Asian mid-session (Source: MarketPulse)
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Chart of the day – Potential bearish reversal in USD/JPY
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Fig 2: USD/JPY minor trend as of 10 June 2025 (Source: TradingView)
Since its intraday low of 142.53 printed on 5 June 2025, the recent up move seen in the USD/JPY has transformed into a potential minor bearish “Ascending Wedge” configuration as seen on the 1-hour minor time frame.
In addition, the hourly Stochastic oscillator has just traced out a bearish divergence condition at its overbought region that supports an impending minor bearish reversal movement in the USD/JPY.
Watch the 145.35 short-term pivotal resistance (the upper boundary of the “Ascending Wedge” and 76.4% Fibonacci retracement of prior decline from 29 May high to 3 June low), and a break below 144.40 near-term support (lower boundary of the Ascending Wedge and 20-day/50-day moving averages may trigger further weakness towards the next supports at 143.50 and 142.35 (see Fig 2).
On the other hand, a clearance above 145.35 invalidates the bearish tone to see the next intermediate resistance coming in at 146.10 (minor swing highs areas of 29 May, 16 May, 15 May).
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