Research preview

Risk And Invalidation Risk remains level-led. The invalidation level matters more than the headline bias; reduce size around data releases and avoid treating the first reaction as confirmation without a retest. EURJPY News And Catalyst Brief The news tape is giving a clearer macro cue around inflation and central-bank policy. EURJPY has a balanced headline read, with inflation data, central-bank expectations, and growth releases setting the volatility backdrop. Final bias: neutral until price accepts a level outside the current pivot range. This improves the context, but follow-through still depends on price holding the relevant support or resistance area. Eurozone ecb 1 year cpi expectations jun: 3.0% (est 3.2%; prev 3.5%)...