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Forex: USD/JPY slips back below 98.00

FXstreet.com (Córdoba) - The USD/JPY rallied to fresh highs for the day, briefly rising above the 98.00 level to score a peak of 98.38, propelled by positive US data, Kuroda comments and the ECB decision to cut its main refi rate.

However, USD/JPY failed to sustain gains above 98.00 and pulled back as investors continue to assess recent events. At time of writing, USD/JPY is trading around 97.75/80, 0.4% above its opening price.

As for technical levels, on the upside next resistance could be found at 98.38 (daily high) and 98.50 (20-day SMA), while supports are seen at 97.00 (low Apr 30) and 96.70 (high Mar 12).

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Forex: EUR/CHF falls to 1.2200 on ECB’s press conference

ECB Draghi’s comments at the press conference took back all gains the EUR made in reaction to the 25bp rate cut to 0.50%. The marginal lending facility rate was cut by 50bp to 1.00%. The EUR/CHF rose from 1.2220 area to 1.2259 high only to retrace those gains and even test the psychological level at 1.2200 that held the cross against further downside.
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