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Forex: USD/JPY pressured on Cyprus bailout

FXstreet.com (Barcelona) - Coming from the weekend, the USD/JPY plunged strongly about 100 pips from 95.30 to 94.30 area, with a spike going as low as 94.08. Just recently, the pair came down to test the 94.30 zone again.

Affecting investors is the EU decision of bailing out Cyprus in a different way than the other times. Part of the funding will be provided through via tax on Cypriot bank deposits (9.9% for deposits over €100k and 6.75% for deposits less than 100k, raising €5.8b).

“While trading above five month uptrend line at 93.17, the medium term bullish bias is entrenched. For now unexpected failure here will lead to the 55 day moving average at 91.85 being targeted”, wrote Commerzbank analyst Karen Jones, adding that the pair is now hovering back around the 94.46 February 11 high.

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