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Forex: EUR/JPY trades lower in Europe, capped at 127.70

Despite the Yen selloff during the Asian shift that allowed a move to 127.70 high, the EUR is weaker too and overshadowed the JPY selloff, pushing the EUR/JPY lower on the day. The cross has reached as low as 126.53 ahead of the European session, but has just bounced back to the 127.00 mark (-0.15% on the day).

BoJ's Sato called for a new level of action to reach the 2% inflation target, focused on a kind of monetary policy able to affect exchange rates.

Investors will be eyeing German Factory Orders data. Consensus points to a 0.9% rise in December, but an annualized drop from -1.0% to -1.2%.

UBS analysts are bullish on the EUR/JPY: “There is scope for extension of the uptrend. Near-term resistance is at 126.97, a break above would open 127.92 and then 132.05”, wrote analyst Gareth Berry, pointing to support at 122.01.

Forex Flash: EUR/USD correction lower not over yet - Commerzbank

The EUR/USD bounce after falling through its accelerated uptrend “was not enough to convince us that the market is ready to resume its up move”, said analyst Karen Jones, noting the 5th of a 5th Elliott wave count on the daily chart, the 13 count on the 240 minute chart, which makes Commerzbank analysts wary of a deeper corrective phase: “We would allow for a slide towards the 1.3270/56 zone (16th Jan low and the 61.8% retracement)”, said Jones, adding that “we suspect that this was a false break above 1.3485/1.3564”. There is support at 1.3202 and key support at 1.3125 6 month uptrend.
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Forex: USD/JPY 94.00 handle proves short-lived as cross eases

Despite the recent fatigue of the JPY across the board, the USD/JPY managed to secure additional gains by posting a fresh 33-month high past the psychological 94.00 barrier – albeit briefly (94.07 daily maximum). Since then, the pair has eased back to earth towards the 93.75/77 level during European trading. Still, the cross is operating steadfastly, negotiating a gain of +0.13% Wednesday.
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