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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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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
Forex United States dollar Japanese yen Euro EUR/USD USD/JPY
Written by: Axel Rudolph | Market Analyst, London
Publication date:

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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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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