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Forex Flash: USD/JPY potential upside to 96.30/35 – Danske Bank

The Japanese yen is now picking up pace towards the resistance level at 94.00 on Monday, after news of a dovish candidate to be the next BoJ governor pushed the cross to the boundaries of 94.60 overnight.

Chief Analyst at Danske Bank A.Lohman Rasmussen argued that both the momentum and the moving averages continue in the constructive territory. “A topside break above 94.05/22, following further consolidation, would resume the positive cycle, through the 2010 peak at 94.99, towards a projected target in the 96.30-35 region, concluded the expert.

Forex: EUR/JPY rallies to 125.00

Thanks to euro strength, the EUR/JPY is being able to the keep upside steady after the almost 200 pips gained right at start of the week, to as high as 124.92. The Japanese Yen was been retracing part of the losses made in reaction to reports (not confirmed yet) that PM Abe will nominate dove ADB President Kuroda to lead the BoJ, but the market is moving agian now. The Yen is falling again and the Euro keeps strengthening, pushing the EUR/JPY to new daily highs, above 125.00.
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Forex Flash: UK growth seen as paramount culprit in downgrade – Westpac

There never really is a good day for a sovereign downgrade, however with the UK economy ending 2012 with a quarterly contraction of -0.3% as the Olympics boost dropped, the Bank of England recently voting 6:3 (versus 8:1) against a further £25bn of asset purchases and all the excitement surrounding the new Governor, the pound was always going to get hit on the news.
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