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Forex: EUR/JPY rallies to 123.75

The ECB press conference showed an upbeat President Mario Draghi, confident in Eurozone's economic recovery despite the talk of a potential rate cut. Also important to euro strength was the information that banks have already repaid 40% of net liquidity injected via LTROs.

The cross is higher on the day by +1.30% after a long period of testing the 122.00 zone before the European session. At the moment of writing, the EUR/JPY trades at 123.60 after finding resistance at 123.75.

Mataf.net analysts point to resistance 125.20, since 123.25 was already pierced. On the downside, supports might be found at 122.25, 121.85 and 121.15.

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