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Forex: EUR/JPY higher but still 100 pips away from last Friday’s close at 124.63

FXstreet.com (Barcelona) - The EUR/JPY has retraced yesterday’s losses but it is still away from fully retracing the “risk-off” move in reaction to Cyprus. The cross is quoting at 123.63, 100 pips below Friday’s close of 124.63. The psychological level at 122.00 has been holding as support this week.

The preliminary release for the March consumer confidence in the Eurozone improved only from -23.6 to -23.5, disappointing expectations of a rise to -23.3. With this report out of the way, markets will be focusing on the US FOMC meeting at 18:00 GMT.

Japan was closed today for Vernal Equinox Day but will be publishing data at 23:50 GMT, including its Merchandise trade balance, exports and imports, and investment data. Japan’s all industry activity index is out at 04:30 GMT.

“EUR/JPY once again finds support along the 55 day moving average and the uptrend line at 122.02/121.93. As long as it holds, the gap with Friday’s low at 124.22 could nonetheless still be filled in the days to come”, wrote Commerzbank analyst Karen Jones.

Forex: EUR/USD ignores EMU confidence, all eyes on US FOMC

The EUR/USD is still quoting close to its daily highs but still capped by resistance around 1.2970 after the release of the flash EMU consumer confidence in March. Data in the Eurozone improved only from -23.6 to -23.5, disappointing expectations of a rise to -23.3. The main focus of the day is the FOMC meeting at 18:00 GMT.
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ECB to delay vote on Cypriot emergency lending funds

The European Central Bank (ECB) is likely to prolong the agony in Cyprus and delay any matter of decision regarding the continuation of supplying Cypriot banks with emergency funds as it awaits clarity country’s bailout. As such, the ECB postulates that a bank holiday in Cyprus will be extended to the end of the week, coupled with a public holiday on March 25. In essence this leaves policy makers off the hook as they means don’t need to vote on whether to extend or halt Emergency Liquidity Assistance (ELA) to Cypriot banks at their mid-month meeting in Frankfurt, which starts today and ends tomorrow.
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