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Forex Flash: USD/JPY poised for further accommodation - OCBC Bank

Emmanuel Ng of OCBC Bank notes that looking ahead, slightly better than expected 4Q GDP numbers notwithstanding, markets may remain focused on the potential for further monetary accommodation with the imminent arrival of the new BOJ leadership.

Nonetheless, he writes, “The 95.00 level for the USD-JPY remains pivotal and a sustained breach above may require a catalyst. A buy-dips environment on any approach towards 93.00 may prevail in the interim.” Looking towards AUD/USD, he notes that the pair may continue to base build pending further cues on the global growth front. He writes, “We continue to be largely neutral on the aussie in the near term with support expected towards 1.0200 with a break above the 200-day MA (1.0350) we think would be needed to instill a more bullish bias for the pair.”

Forex Flash: EUR/USD starts to bounce, directly offered below 1.3178 - Commerzbank

The EUR/USD is bouncing higher “and while we would allow for this to extend further, both cloud resistance on the 240 minute chart (up to 1.3200) and the accelerated downtrend at 1.3178 are expected to cap the topside and the market will remain directly offered while capped here”, wrote analyst Karen Jones, pointing to initial support at 1.2885/76 (7th December low and 78.6% retracement). “We have a short term downside target to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low”; she added, targeting 1.2400 then 1.2050/42 (2012 low) on the longer term.
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Forex Flash: German IP data in focus - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that there is little in focus for Europe today with German IP taking center stage.
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