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Forex: USD/JPY retraces gains to 94.65/70

FXstreet.com (Barcelona) - Investors sent the USD/JPY up to 94.96 high on news of a bailout agreement in Cyprus. However, the pair didn’t stay there much time and eased to 94.71, where it currently quotes, still higher on the day (+0.24%).

The European session will have a pretty empty economic calendar and markets will be mostly eyeing headlines coming from Cyprus, as officials still work on details. Later, the US will provide updates of the Chicago Fed Activity Index and Dallas Fed manufacturing. Fed’s Bernanke will speak at 17:15 GMT.

“The USD/JPY is still expected to trade between this week’s 93.45 low and last Friday’s 96.28 high”, wrote Commerzbank analyst Karen Jones, pointing to the 55 day moving average at 92.55 on the downside.

Forex Flash: EUR/USD may test minor resistance at 1.3075 today – Commerzbank

Minor resistance around the 1.3075 March 12 high stands to be tested today, according to Commerzbank analysts, expecting 1.3107/40 (March 15, December 5 and January 8 highs) to cap the last few days’ advance. “Should this not be the case, the 55 day moving average at 1.3238 may still be reached before renewed downside is being seen”, wrote analyst Karen Jones.
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