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Forex: USD/JPY recovery capped by 20-hour SMA

FXstreet.com (Córdoba) - The US dollar continues to trade below the 98.00 mark versus the yen after the latest recovery attempt was capped by the 20-hour SMA at the 97.80 area following disappointing Chicago PMI data. USD/JPY slid back to the 97.50 area, where it is currently trading, still down 0.2% on the day.

According to Valeria Bednarik, chief analyst at FXstreet.com, the pair maintains the overall bearish tone according to the hourly chart, as price develops below 100 and 200 SMA's, while indicators hold in negative territory. "Gains above 98.00 had remained limited so far, suggesting more downward pressure ahead, with 96.70 as key support to follow, and probable bearish target for the upcoming sessions", Bednarik adds.

Forex: EUR/USD rally reaches 1.3150 with US confidence at 2013 highs

The EUR/USD keeps on moving higher and its rally has reached 1.3150 already as investors prepare themselves for tomorrow’s FOMC, Thursday’s tight ECB decision and Friday’s US NFP report. The Conference Board has reported a much better than expected consumer confidence in April, with an improvement from 61.9 (revised from 59.7) to 68.1, instead of a move to 60.8 as expected. Confidence is at its highest in 2013, above February’s figure of 68.0.
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Forex Flash: Hopium v Reality - Societe Generale

Sebastien Galy, Senior FX Strategist at Societe Generale notes that the lower than expected inflation in Europe and fairly appalling youth unemployment numbers in the periphery implies lower yields and hence a rush into eurusd, under the Hopium induced logic.
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