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Forex: EUR/JPY almost at 130.00 on European session

FXstreet.com (Barcelona) - The mood is on favor of the upside as the EUR strengthens and the JPY weakens with European liquidity after Japan finance minister Aso revealing that Japan faced no opposition at G20 to its message that its monetary policy is aimed at beating deflation. The cross climbed the chart from 128.00 ground and peaked at 129.89 high, so far, where profit taking brought the price back to 128.70 (+1.22% on the day).

EMU current account surprised positively, with a wider seasonally adjusted surplus from €13.8B to €16.3B in February, beating expectations of €15.0B, and n.s.a. data at €12.1B instead of the €1.3B consensus. Italy industrial orders fell -2.5% (MoM) and from -3.3% to -7.9% (YoY), while industrial sales contracted -4.7% (MoM).

Japan coincident index rose from 91.6 to 92.4 in February, the leading economic index has gone from 95 to 97.6, and all Industry Activity Index improved from -1.6% to +0.6% (consensus of -0.6%.

“The 128.85 resistance is regarded as the last defense for the 131.12 recent high. Directly below 125.00 lies the 20 and 55 day ma at 124.28/85 and these offer additional support”, wrote Commerzbank analyst Karen Jones.

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Gold prices were given a respite from the recent downtrend Friday, as news of the political gridlock in Italy fostered fresh demand for the yellow metal. Subsequently, the 1400 level and key resistance were broken and the yellow metal appears to have stabilized above this during European trading. After touching a session high of 1424, gold prices have now eased slightly back to USD $1414.69 per oz. Intraday, gold has a bullish bias, as it faces the next upside barrier/resistance at 1428. Meanwhile, a drop back below 1400 would be bearish.
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