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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

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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