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Forex Flash: BoJ, no major policy changed eyed - NAB

As the NAB strategy team notes, there is little expectation of any major policy changes for today's Bank of Japan meeting, "given the announcements made last month and following last week’s news that BoJ Governor Shirakawa will step down from his position in March, three weeks earlier than planned" the bank notes. NAB looks for "the JPY to weaken further in coming days, regaining the 94.40 highs" they say.

Forex: NZD/USD breaks 0.8480 resistance; 0.85 is next

After the break-up of a pennant pattern, the NZD/USD has found enough follow through to now be breaking the 0.8480 resistance - Feb 4 high - as it seeks to kiss the round number at 0.85. A break above, exposes next resistance area at 0.8565/70 - Aug 2011 high - ahead of 0.86. On the downside, sequence of steady bids between 0.8450 up to 0.8480 should be noted.
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Forex: EUR/JPY cools down below 125.50

EUR/JPY is currently at 125.40, off session lows at 124.19, a +1.31% higher, but still unchanged for the current month of February. The cross retraces from yesterday's high at 126.50, fourth consecutive daily high lower than previous, with Yen not being the weakest currency among majors anymore, at least for last few days. Nikkei index trades flat around the 11250 points mark, with latest prelim GDP q/q data showing a decline of -0.1%.
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