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Forex Flash: GBP/USD sell off approaching uptrend - Commerzbank

Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD is approaching the 1.5642 2009-2013 up trend.

She writes, “GBP/USD sold off aggressively to once again approach the 1.5642 2009 2013 up trend. This together with last weeks low at 1.56315 is starting to look exposed. Failure here will target 1.5271/35, the 2012 low. A break lower looks pretty imminent.” She feels that rallies are expected to remain contained by the 55 and 200 MAs and these are located at 1.5876 and 1.6001. She sees that the 20 MA offers immediate resistance at 1.5784.

Forex Flash: Yen sell off extends as concerns over US opposition ease – BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the Yen has weakened further overnight with USD/JPY rising towards a new high within the recent sharp weakening trend just below 94.50.
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Forex: USD/JPY holds the 94.00 level

The USD/JPY taken a step back today after recording substantial gains Monday. Whispers of a second round of monetary easing have clearly affected the pair, forcing massive pressure on the recently beleaguered yen. Tuesday is a differently story entirely however, as the pair now trades negatively at 94.02/03, clinging to the 94.00 level during European trading.
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