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Forex: EUR/JPY dumped below 123.00

FXstreet.com (Barcelona) - With news coming from the EU about the Cyprus bailout, EUR/JPY has plummeted so far to 1-week lows at 121.56 in early interbank trade, mostly in the back of Euro weakness, last at fresh 2013 and 3-month lows 1.2904, but also helped on some Yen strength. USD/JPY is last at 94.78, off recent fresh 7-day lows at 94.04.

As FXWW founder Sean Lee notes: “EUR/JPY was the big mover in early interbank trade, falling by 2.5% as trailing stops below 124.00 were triggered in almost non-existent liquidity. Prices have stabilised around 122.00 but we now must await the retail market open and the Tokyo open, to see if the risk aversion continues, Sean adds. “Given current events, I would not be expecting this morning’s gap to close immediately,” the analyst concludes.

Immediate support to the downside for EUR/JPY lies at recent session lows 121.56, followed by March 04/05 121.10, and March 01 lows at 120.34. To the upside, nearest term resistance comes at current levels as Feb 21/22 lows 122.51, followed by Feb 15 lows at 122.90, and Feb 08/10 lows at 123.50.

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