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Forex: USD/JPY above 92.00

The European opening pulled the USD/JPY back to the 92.00 level after going to as low as 91.41 earlier. The pair is trading mostly sideways above the handle. As of writing, the market is quoting around 92.20, which served as support during most of February.

Italy's political system is now in stalemate and it might take several weeks for the political dust to settle. Even a re-run of the election cannot be ruled out, bringing Greece 2012 election to mind of investors.

"The USD/JPY currency pair completed a descending correction towards the level of 91. I think today the price may start a new ascending wave with the target at 95", wrote Roboforex.com analyst Igor Sayadov, expecting then consolidation and a move up to reach the next target at the level of 97.

Sequestration deadline looms as US political brinkmanship prevails

President Obama continues to warn of the potential cataclysmic economic impact from sweeping budget cuts that will trigger in just three days without a deal, as the United States may face more serious ramifications, culminating in prolonged fiscal debates in the months ahead. With such little time before the deadline, i.e. the $85 billion in reductions for this year, Obama and Republicans led by House Speaker John Boehner yesterday traded barbs at each other, doling blame for the extended impasse. The president and his Cabinet officers made a big to highlight the lost jobs, long lines at airports, delays at ports and cutbacks at popular national parks as motivation for pressuring their respective constituents.
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Forex Flash: Bund momentum turning bullish for weekly interval – RBS

Bund prices have met the full target from the inverse head and shoulders pattern (144.94- 145.00 region), which also marks a Fibonacci retracement from December-January move. In particular, “This the region where we like to take profits and wait for a consolidation within the 143.70 – 145.20 region to be completed. Weekly momentum is turning bullish, as indicated by the slow stochastic oscillator. Overall, we favor taking profits at the target area and waiting for a dip to reload longs.” suggests Technical Markets Strategist Dmytro Bondar at RBS.
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