Kick off the April 10 FX trading day with a technical overview of EURUSD, USDJPY and GBPUSD

US CPI data came in stronger than expected, sending the US dollar higher, stocks lower and yields higher.

In this video I look at post-CPI developments and explain the upward bias shifts, risk levels that would perplex traders, and targets for the three major currency pairs – EURUSD , USDJPY and GBPUSD.

For EURUSD, it fell below its 200 hours, exiting at 1.08134, a key swing zone between 1.0795 and 1.0803. Staying below each allows sellers to have more control.

For USDJPY, it has surpassed its 2022, 2023, and 2024 high prices between 151.91 and 151.967. This level now constitutes a level of risk for buyers. With prices trading at the highest levels since 1990, there isn’t much resistance to hold on to. Traders should therefore first look for levels that should not occur if buyers want to maintain full control. This area corresponds to the old ceiling level described above.

For GBPUSD, its price declined to test “value zone” support at 1.2594 and just below the key 200-day moving average at 1.2586. The price must drop below these levels and stay below, increasing the bearish bias. The price has attempted to break below these levels in the past, but there have been buyers at 1.25386 during the last two major declines. Can the price now stay outside the “value zone” and work downward?