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Forex: USD/JPY downside held by 96.00

FXstreet.com (Barcelona) - Blocked at 96.28, the USD/JPY is acting lower as investors take profits following the confirmation of Kuroda as BoJ Governor by Japan's upper house. Kikuo Iwata and Hiroshi Nakaso are the Deputy Governors and they will start on March 20th. “Confirmation of new BoJ Governor Kuroda was a mere formality, and we await the first BoJ meeting on April 3 to see if strong words are backed by aggressive deeds”, wrote TD Securities analysts.

The USD/JPY downside found its low at 95.95 and is being held by 96.00 level, at the time of writing. Investors will now be awaiting the release of US CPI, industrial production, Reuters/Michigan consumer sentiment and NY Empire State manufacturing index.

“Please note that we have a 13 count on the 240 minute chart and we would allow for a small retracement to 95.63/25, ahead of further gains”, wrote Commerzbank analyst Karen Jones, targeting 99.70 (50% retracement of the 2007 to 2011 drop) and then 101.40/67 (the 2000 and 2005 lows) on the longer term.

Forex: USD/CHF pressuring down ahead of Swiss data

After the wide fall from 0.9568 high to 0.9452 as the US session opened yesterday, the USD/CHF has been stuck in the 0.9460/0.9476 range, unable to breach the it since then. The upside area is also yesterday's close and the market fell below the lower band of the range towards yesterday's spike low of 0.9452, down by -0.21%. Ahead is Producer and Import Prices in Switzerland for February.
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Forex Flash: EUR/USD should hold the initial test of 1.2913/1.2870 – Commerzbank

The interim target zone at 1.2913/1.2870 (55 week ma, 7th December low, 78.6% retracement and the 200 day ma at 1.2867) should hold the initial test, according to Commerzbank analysts. “We note the triple divergence of the daily RSI and would expect to see probes into the 1.3071 to 1.3135 resistance. This is the location of the accelerated downtrend, a Fibonacci retracement and the 8th March high”, wrote analyst Karen Jones.
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