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Forex: EUR/JPY jumps above 123.00

FXstreet.com (San Francisco) - The Euro is rallying across the market following the Draghi press conference and against the Japanese Yen, the pair has jumped more than 100 pips in the last few minutes from 121.60 to breaks above 122.00 and 123.00 to trade at the highest level since March 25 at 123.40.

Currently the EUR/JPY is trading at 123.25, 3.55% above opening price. The pair is slightly bullish according to the FXstreet.com trend index. MACD, CCI and Momentum are bullish while the Stochastic is bearish in the 1-hour chart.

Next resistances are at 123.80, 124.00 and 124.50. Supports are at 122.40, 121.60 and 120.90.

Forex: EUR/USD squeezed back to 1.2850

In reaction to ECB Draghi’s press conference, the EUR/USD fell from 1.2836 to 1.2757, a fresh 2013 low. But the market considered that the EUR was too cheap compared to the greenback and bids brought it back to the opening price at 1.2848, erasing all daily losses and attempting to move higher now. Behind such recovery was Draghi’s forceful defense of Open Market Transactions and his dismissal of redenomination risk set off a serious squeeze, according to FXbriefs.com analyst Jamie Coleman.
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Forex: GBP/USD jumps towards 1.5200

Fed’s Bernanke speech is due very shortly and the US NFP report is tomorrow, making the market selling Dollars ahead of the event. The GBP/USD has fully retraced its daily losses to 1.5132 on the NY opening and is now close to the 1.5200 psychological level. The current daily high is 1.5196.
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