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Forex: USD/JPY retracing losses ahead of Cypriot Parliament vote

FXstreet.com (Barcelona) - By the end of the Asian session, the USD/JPY eased from its opening price area just below the 95.00 mark and eased to as low as 94.55. Now, and ahead of another Parliament vote in Cyprus to ensure financing before Monday, the pair is retracing those losses, at 94.80 currently.

The new idea to be put to a voting consists in a solidarity fund, with the government transferring rights for the natural gas reserves into this fund, which would then issue bonds to be presumably largely bought by Russia and Cyprus aimed to continue with the original. This plan guarantees deposits up to €100K and in-cludes the creation of a bad bank.

Commerzbank analysts don’t expect any kind of direction for now: “For now unexpected failure at 93.45 will lead to the 55 day moving average at 92.43 being targeted. Minor resistance comes in between Friday’s 96.28 high and the one week resistance line at 96.27”, wrote analyst Karen Jones.

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The sterling is extending its weekly advance on Friday, climbing almost two big figures since Monday lows around 1.5070
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Forex Flash: EUR/USD bearish while capped by 1.3006/1.3107 - Commerzbank

Back to the 200 day moving average at 1.2879 and this week’s low at 1.2844, the EUR/USD remains range bound: “As long as the latter holds the minor psychological 1.3000 level may still be reached in the days to come”, wrote analyst Karen Jones, expecting this, the two month downtrend channel re-sistance line at 1.3006 and the 1.3107 Friday high to cap on a daily New York closing basis, however. “While this is the case we will retain our medium term bearish forecast”, she added.
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