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Forex: EUR/JPY kept mostly below 124.50

Like in the USD/JPY, the early Yen sell off affected the EUR/JPY, reaching as high as 124.92. Since then, the cross has been trading mostly below 124.50 (more precisely, 124.66) and support by the 124.00 line.

The preliminary release of the Italian January Trade Balance non-EU showed data going from €3.317B surplus to €-2.281B deficit. The Spanish Producer Price Index (YoY) eased from 3.3% (revised from 2.7%) to 2.6% in January.

“We note that the market is now trading below its 20 day ma for the first time since November, this is located at 124.87 and offers additional short term resistance. It is on the defensive and will require a rapid rebound and break higher through the top of the flag – this is currently at 125.21”, wrote Commerzbank analyst Karen Jones, pointing then to key resistance at 127.71/93, the 6th February high and the April 2010 high.

Italy Jan Trade Balance non-EU decreases to €-2.281B vs €3.317B in Dec

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