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Forex: EUR/JPY hovering over 126.00

After dipping to the boundaries of 125.00, the cross has managed to pick up pace and trade back around the key resistance at 12600, as the euro keeps its buoyancy.

“EUR/JPY held just over 123.33 the 2011 high and bounced yesterday. It is possible that we will see only a shallow correction down from the 127.93 April 2010 high and started to correct lower. Directly below the market lies the 6-week uptrend at 121.81 and the 3-month uptrend at 119.45. We look for these to hold the downside and provoke recovery”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Forex: EUR/USD hovering over 1.3450/55

The bloc currency keeps the positive mood at the end of the trading session in Wall St., consolidating its intraday gains around the mid 1.34s...
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Forex: GBP/USD treads water around 1.5650

Following a steep decline toward a 6-month low of 1.5570, the Cable managed to bounce back above the 1.5600 level and having erased completely its intraday losses, it currently trades around the 1.5650/60 zone, where it is virtually unchanged since opening.
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