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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that 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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