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Forex: EUR/JPY higher on Japan PM Abe's words

The European opening pulled the EUR/JPY back to the daily opening price of 125.16, but the EUR/JPY has been moving higher again. As of writing, the market trades at 125.39 (+0.37% on the day) after the release of EMU current account.

The cross trades higher on Monday due to Yen weakness as Japan's PM Abe considers removing the BoJ’s independence should the central bank fail to achieve 2% inflation.

Seasonally adjusted current account in the Eurozone shows a narrower surplus from €15.9B (revised from €14.8B) to €13.9B in December, still higher than the expected €13.9B. Non-adjusted data widened from €20.8B (revised from €19.8B) to €27B, coming lower than the expected €30B.

"It is unclear if this is a top or a continuation pattern, but it looks more like a potential bull flag and while under pinned by trendline support at 120.62 an upside bias will remain", wrote Commerzbank analyst Karen Jones, pointing to support at 123.18 and near term resistance at 126.17.

Forex: USD/CAD confined to narrow trading range

All was calm across FX markets Monday, ahead of a lightened session, which included both the United States and Canada on holiday today. The tight consolidation of the USD/CAD has clearly reflected this, as the cross has ranged a mere 17 pips (1.0065 – 1.0082) as of European trading. At the time of writing the pair has crept into positive territory this morning, notching a tepid advance of +0.01% at 1.0072/74.
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Forex: EUR/USD muted after EMU data

The shared currency keeps the 1.3335/40 area after the EMU Current Account surplus (s.a.) shrunk to €13.9 billion in December from €15.9 billion in the previous month. Results for the n.s.a. print...
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