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Forex: EUR/JPY bouncing from 128.00 low

FXstreet.com (Barcelona) - After a first drop below the 129.00 handle towards the 128.00 mark after the BoJ meeting, the EUR/JPY rebound from there in reaction to the BoJ outlook, German import prices data and European opening pulled the cross above 128.50 area (session high at 128.87). EMU money supply is out, easing in March from 3.4% to 3.0% (3m) and from 3.1% to 2.6% (YoY), below 3.0% consensus.

German import prices report was already published, at -0.1% (MoM) and -2.3% (YoY), less contracting than the expected -0.2% and -2.4%, respectively. French consumer confidence remains unchanged at 84.

The central bank announced a unanimous vote to “conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen” in order to double the monetary base in 2 years, the pair accelerated the downside to 98.23 low.

“Initial support is the 127.71 February high ahead of 125.00, last week’s low. While above here we will assume an upside bias”, wrote Commerzbank analyst Karen Jones, seeing the market well placed to tackle the 131.12 recent high.

Forex: USD/CHF trading negatively at 0.9436/37

The USD/CHF has been devoid of any sweeping movements Friday, instead clinging to negative territory, most recently on the heels of economic data in the EMU. Following the SNB speech, the pair is now trading at 0.9436/37, down -0.11% during European trading.
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Forex Flash: Crowded positions have been flushed - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that crowded positions have been flushed with GBP, and to a lesser extent CAD shorts being swatted away and commodities have bounced.
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