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Forex: USD/JPY at lows

The USD/JPY is steadily edging lower as the European morning unfolds, now already below the Asian session low of 91.64. On the downside, the pair has yesterday's low of 91.14 to target, ahead of Monday's low of 90.91.

Japan’s opposition party (DPJ) is already supporting Kuroda's candidacy for BoJ Governor. The USD/JPY had rallied at the start of the week to 94.50 on headlines that Kuroda would be appointed head of the central bank.

“Break and yesterday’s close below previous strong support at 92.00, keeps the downside favored, with resumption of recent sharp fall, seen on a break below 90.85, also near 50% of 86.81/94.55, to confirm reversal and open 90.00/89.75 next”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 92.75/93.00 barriers in case of a move above 92.00.

Forex Flash: What to do with EUR/USD? – Commerzbank and UBS

The single currency remains trapped around 1.3090/1.3100 on Wednesday, as sentiment shown some signs of improvement after the better EMU business confidence and consumer...
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Forex Flash: EUR/USD to stay above 1.30 despite volatility – Commerzbank

Italy's political stalemate is hurting sentiment, with European stock markets easing and Spanish and Italian bond yields rising, while bunds are back in demand in their role as a safe haven. Also, short term volatilities have risen notably, but longer term volatilities have not really been affected yet. “This discrepancy can be explained by the fact that the FX market was relatively quick to price out the crisis following the ECB’s announcement of unlimited bond purchases. Positions were adjusted as a result: the market went long EUR. Short term these positions are now getting too hot for the participants as the uncertainty about the political future in Italy and thus the reform efforts in the country is rising”, wrote analyst Antje Praefcke, expecting the 1.30 mark to hold for the time being, “but short term the euro’s upside potential is limited with the risk concentrating on the downside – in particular against the background of positive data from the US”.
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