Ella 
Following the release of US CPI data, EUR/USD and GBP/USD experienced significant declines, while USD/JPY surged higher, prompting speculation about potential actions from the European Central Bank (ECB) regarding a June rate cut during its upcoming monetary meeting.
EUR/USD Witnesses Sharp Decline:
EUR/USD witnessed a swift bearish reversal, plummeting towards crucial support levels around $1.0725 to $1.0694. Analysts anticipate that the currency pair may find stability in this range in the short term, although failure to do so could signal a longer-term bearish trend. Notably, minor resistance is observed at the $1.0791 level, representing Friday’s low.
GBP/USD Experiences Significant Drop:
GBP/USD reversed its recent short-term uptrend, plunging towards the critical support zone between $1.252 and $1.25. The currency pair faces minor resistance around the 200-day simple moving average (SMA) at $1.2584.
USD/JPY Reaches Heights Unseen Since June 1990:
USD/JPY has surged to levels not witnessed in 34 years, surpassing its previous peak in November at ¥151.97. Market participants are now eyeing the ¥153.6 peak from July 1987. Initial support is identified at ¥151.97-91, followed by the support zone at ¥150.88-81. As long as this support holds, an upside bias is anticipated for USD/JPY.
