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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

EUR/USD, GBP/USD took a hit while USD/JPY surged higher post US CPI print

EUR/USD, GBP/USD took a hit while USD/JPY surged higher post US CPI print and the question now is whether the ECB might give more pointers on a possible June rate cut at its monetary meeting.

EUR/USD/JPY Source: Bloomberg

EUR/USD fell out of bed

EUR/USD swift bearish reversal has taken it back down towards key support seen between $1.0725 and $1.0694. Here the cross is expected to once again stabilize, at least short-term. If not, a longer-term bearish signal would be triggered.

Minor resistance can be spotted at Friday's $1.0791 low.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

GBP/USD dropped like a stone

GBP/USD reversed its short-term trend and dropped to the key $1.252 to $1.25 support zone.

Minor resistance is seen along the 200-day simple moving average (SMA) at $1.2584.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

USD/JPY trades at June 1990 levels

USD/JPY has made a new 34-year high by rising above its November ¥151.97 peak with the ¥153.6 July 1987 peak being eyed.

Support can now be seen at ¥151.97-91 ahead of the ¥150.88-81 support zone. While it underpins, an upside bias remains in play.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

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