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Forex: EUR/JPY surrounds 125.00

Despite some moves below the opening price line to as low as 124.64 during the Asian session, the market has been holding above the flat line particularly since European time and mostly surrounding the 125.00 area while being capped by 125.17 high.

The German trade surplus eased from €16.9B to €15.7B as imports (+3.3% vs +1.0% consensus) rose more than exports (+1.4% vs +0.3% consensus) in January. French industrial output dropped -1.2% in January, instead of the +0.1% expected.

Italy GDP contracted -0.9% in Q4 (QoQ) as expected, but didn't actual annualized Q4 data came in at -2.8%, instead of the expected -2.7%, after the Q3 being revised lower from -2.7% to -2.8%.

Switzerland annualized retail sales eased from 4.7% to 1.9% in January (consensus of 2.8%).

“We believe that the market resumed its bull move towards the end of last week and as a consequence look for a move to the 127.71 February high”, wrote Commerzbank analyst Karen Jones, pointing to support at 123.24, 20 day ma ahead of the 55 day ma.

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