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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.

GBP/USD find support while EUR/JPY, USD/JPY try to break through resistance​​​

​GBP/USD find support while EUR/JPY, USD/JPY try to break through resistance​ ahead of Thursday’s US CPI data release

Forex Source: Adobe images

​​​GBP/USD finds support

GBP/USD dropped to the 55-day simple moving average (SMA) at $1.3066 which acted as support and so far held. Were it to give way, the September low at $1.3002 would be next in line. This support level with the $1.30 mark is key for the medium-term trend as a fall through it could lead to the 200-day SMA at $1.2784 being back in sight.

While the $1.30 mark underpins, the medium-term uptrend remains intact though. Minor resistance can be found at the early September high at $1.3239.

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

​EUR/JPY ranges below resistance

EUR/JPY continues to trade below the ¥162.89-to-¥164.24 resistance area. Were it to be overcome, a medium-term bullish reversal would be formed.

Potential slips may find support between Friday's low and the 55-day SMA at ¥161.01-to-¥160.77. 

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

​USD/JPY aims for key resistance

USD/JPY still has its mid-August high at ¥149.40 in view. A rise and daily chart close above ¥149.40 would likely lead to a medium-term bullish reversal taking shape.

Support remains to be seen between the early September high at ¥147.21, the late September high at ¥146.49 and Friday's low at ¥145.93.

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

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