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20 Mar 2013
Forex: EUR/JPY higher but still 100 pips away from last Friday’s close at 124.63
FXstreet.com (Barcelona) - The EUR/JPY has retraced yesterday’s losses but it is still away from fully retracing the “risk-off” move in reaction to Cyprus. The cross is quoting at 123.63, 100 pips below Friday’s close of 124.63. The psychological level at 122.00 has been holding as support this week.
The preliminary release for the March consumer confidence in the Eurozone improved only from -23.6 to -23.5, disappointing expectations of a rise to -23.3. With this report out of the way, markets will be focusing on the US FOMC meeting at 18:00 GMT.
Japan was closed today for Vernal Equinox Day but will be publishing data at 23:50 GMT, including its Merchandise trade balance, exports and imports, and investment data. Japan’s all industry activity index is out at 04:30 GMT.
“EUR/JPY once again finds support along the 55 day moving average and the uptrend line at 122.02/121.93. As long as it holds, the gap with Friday’s low at 124.22 could nonetheless still be filled in the days to come”, wrote Commerzbank analyst Karen Jones.
The preliminary release for the March consumer confidence in the Eurozone improved only from -23.6 to -23.5, disappointing expectations of a rise to -23.3. With this report out of the way, markets will be focusing on the US FOMC meeting at 18:00 GMT.
Japan was closed today for Vernal Equinox Day but will be publishing data at 23:50 GMT, including its Merchandise trade balance, exports and imports, and investment data. Japan’s all industry activity index is out at 04:30 GMT.
“EUR/JPY once again finds support along the 55 day moving average and the uptrend line at 122.02/121.93. As long as it holds, the gap with Friday’s low at 124.22 could nonetheless still be filled in the days to come”, wrote Commerzbank analyst Karen Jones.