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Forex: EUR/JPY pressured, held by 125.00

The EUR/JPY erased its Asian session gains that reached as high as 126.04 earlier in the day. The cross dropped harder on the European opening, going as low as 124.78, but the market was able to bounce back to 125.00 ground.

Just published was Italy CPI, at 0.1% (MoM) and easing from from 2.2% to 1.9% in February (YoY), as expected. The EU normalized figure made no surprise by dropping from 2.4% to 2.0%.

Germany WPI came in at 0.1% in February (MoM), below 0.3% consensus. CPI and HICP came in at 0.6% and 0.8%, respectively, as expected. France current account deficit widened from €-3.8B (revised from €-3.6B) to €-5B in January.

"We believe that the market has 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 20 day MA at 123.27 as support.

Forex Flash: EUR/USD targets 1.2679/61 short term - Commerzbank

The EUR/USD rebounds remain tepid and blocking the upside is 1.3135, keeping the market directly offered. "Initial support is 1.2914 (55 week ma) and then 1.2885/76 – the 7th December low and 78.6% retracement. These represent the next key supports and break down points. We would allow them to hold the initial test", wrote analyst Karen Jones.
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Forex: USD/JPY flattens weekly candlestick

The USD/JPY breached below 96.33/38 and extended its downside to just above the 96.00 mark, trading at yesterday's levels. The market is now flat on the week and looks for a trigger to define a direction.
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