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USD/JPY slightly higher on London official open

FXstreet.com (London) - BoJ left policy unchanged in their policy meeting with a target interest rate at 0.00 – 0.10% and the Monetary Base Target as ¥270 trillion. There were no surprises and very little reaction in the market. The pair is trading slightly higher in the London open and above the pivot point.

The MA’s on the charts offer bullish signals, supported y SMA 200 at 102.12 within an ascending channel targeting resistance 103.00 (17/5 (103.32) high) again.

On the economic calendar, the market is looking out for FOMC minutes in the evening and Bernanke speaking on ‘The Economic Outlook’. Close attention will be paid to his testimony to the Joint Economic Committee of Congress. The market has been latching onto strong language in tapering of the QE programme after a series of improved economic data in the US, although the bears feel the road map for exiting the programme is still a long one and that language came too soon.

GBP/USD resuming downside in European open

The pound slid against the greenback yesterday from 1.5272 to 1.5112 as investors continue to buy into the dollar and while traders abandoned the currency after the release of UK CPI that came in lower than consensus in yesterday’s European session.
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EUR/GBP establishing fresh highs at 0.8532/36

The EUR/GBP rise has continued unabated, breaching the critical 0.8500 resistance yesterday and never looking back.
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