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Forex: USD/JPY bounces after testing opening price

FXstreet.com (Barcelona) - The USD/JPY spent the European session easing back to the opening price of 95.22, where it found support for a bouncing movement. As of writing, the pair trades at 95.45.

Futures for the American S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a higher opening between +0.03% and +0.07% ahead of housing data.

The ZEW survey for March shows a better image in Germany, better than expected. However, it is also showing a concerning drop in the Eurozone, with economic sentiment falling from 42.4 to 33.4 (consensus of 43.7).

Economic sentiment in Germany rose from 48.2 to 48.5, beating 48.0 consensus. Current situation rose from 5.2 to 13.6, beating 6.0 consensus. EMU construction output fell from -4.6% to -7.3% in January, with a monthly contraction of -1.4%.

“Yesterday's rise from 94.16 low managed to test 95.60 resistance area and currently the pair is caught in a tight range between 95.10 and 95.65”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a positive for a break through 95.65, en route to 96.70 high.

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As the dust continues to settle from the Cyprus fallout, it cannot be denied that the way the country’s bailout was handled has simply reinforced the prejudices of many investors who have a structural bias against the euro. From muddled messages to the lack of coordination, clients looking from afar will ask: if such a small country can cause so much stress, then what will happen if a larger periphery country faced similar challenges?
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