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Forex Flash: EUR/USD should hold the initial test of 1.2913/1.2870 – Commerzbank

FXstreet.com (Barcelona) - 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.

“Below 1.2870 our short term downside target remains to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low”, she added, pointing to longer term target at 1.2400 then 1.2050/42, the 2012 low.

Forex: USD/JPY downside held by 96.00

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.
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Forex Flash: BoJ leadership solidified – UBS

Doubts were finally put to rest over the identity of the incoming BoJ leadership overnight. The Upper House of Japan's Diet confirmed all three government nominees - even Kikuo Iwata. The Lower House earlier gave their stamp of approval on Thursday. Having now secured confirmation from both houses, Kuroda, Iwata, and Kakaso are free to take up their new policy board positions on schedule on March 20th.
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