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Forex: EUR/JPY retraces yesterday's losses, at 128.66

FXstreet.com (Barcelona) - Not only the EUR is at gains today, but the Yen is weakening. Behind the EUR/JPY strength to as high as 128.78, and currently fully retracing yesterday’s losses at 128.66 (+0.60% on the day), are improving yields on the French and Spain debt sales, the Presidential election in Italy, and the G20 meeting that takes off today.

G20 central bankers and finance ministers are gathering for a meeting focused on central bank stimulus, especially from the BoJ, and fiscal targets. The Italian government starts today the election of a new President. “It’s still unclear whether there has been enough agreement between the main parties to get sufficient votes for a single candidate to elect”, added the TD Securities analyst Annette Beacher.

Spain had its 3, 5 and 10-year debt being sold at 3.257% (from 3.598%), 2.792% (from 3.019%) and 4.612% (from 4.898%), respectively, raising a total of €4.71B. In France, 2 and 5 year bills totaled an amount of €7.911B, with yields at 0.24% and 0.73%, respectively.

UBS analysts are bullish: “Focus is on resistance at 132.05, a break above this would expose 134.38”, wrote analyst Gareth Berry, pointing to support at 124.94.

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