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4 Mar 2013
Forex: EUR/JPY keeps "red" as NY opens
The EUR/JPY has been generally pressured today, but after going to as low as 121.27, European flows pulled the cross up to 121.92 high on the opening and ahead of EMU Sentix Investor Confidence. Disappointment there allowed a move back below the opening price. Recent bids ahead of the NY session failed to extend above the 121.78 opening level.
The market ignored BoJ Governor-nominee Kuroda's dovish speech during the Asian session and the Spanish unemployment change came in smaller than the 77.5K expected and less than half of the January figure, as it "only" added 59.4K unemployed.
"Monitor the hourly horizontal range between the support at 118.73 (25/02/2013 low) and the resistance at 122.26 (21/02/2013 low)", wrote MIG Bank analyst Bijoy Kar, pointing to another resistance at 123.30 (intraday high).
The market ignored BoJ Governor-nominee Kuroda's dovish speech during the Asian session and the Spanish unemployment change came in smaller than the 77.5K expected and less than half of the January figure, as it "only" added 59.4K unemployed.
"Monitor the hourly horizontal range between the support at 118.73 (25/02/2013 low) and the resistance at 122.26 (21/02/2013 low)", wrote MIG Bank analyst Bijoy Kar, pointing to another resistance at 123.30 (intraday high).