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Forex: EUR/JPY hovering over 128.00 ahead of ECB

FXstreet.com (Barcelona) - The cross is trading on the back foot on Thursday as the renewed strength of the Japanese yen continues to drag the pair to lower levels, ahead of the ECB interest rate decision due later.

In the view of I.Spivak, Currency Analyst at DailyFX, “Prices are testing support at 127.70, marked by the February 6 high and the bottom of a Triangle chart pattern carved out since mid-April. A reversal higher sees Triangle resistance at 130.14, with a break above targeting the April 11 high at 131.11. Alternatively, a break below support aims for the March 8 top at 126.03”.

As of writing the pair is down 0.27% at 128.01 with the next support levels at 127.20 (low Apr.30) ahead of 127.09 (low Apr.29) and finally 126.45 (low Apr.17).
On the other hand a breakout of 128.38 (high May 2) would then target 128.93 (high May 1) en route to the psychological level at 129.00.

Forex Flash: Bund performance confirms bullish view – RBS

According to Technical Strategist Dmytro Bondar at RBS, “Bunds tested new highs above the 146.77 resistance confirming the bullish view – the level is the 161.8% Fibonacci projection from the January-March impulse wave.”
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Forex Flash: GBP/USD failure at 1.5600/03 favored - Commerzbank

The GBP/USD has rallied to the top of its short term channel, the approximate location of the 50% retracement at 1.5600/03, and is holding there: “We favor failure here. However the intraday charts are giving conflicting signals and above 1.5603 we would allow for one more push higher to 1.5761/82 (200 day ma and 61.8% retracement, where we would expect to see failure)”, wrote analyst Karen Jones, pointing to the loss of the 1.5412 mid April peak as needed to alleviate immediate upside pressure and signal a slide back to the 1.5274 uptrend. “Failure here is needed to confirm the idea that the market has resumed its down move”, she added, suggesting losses to 1.5028 (the 20th March low) in a break below.
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