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25 Mar 2013
Forex: USD/JPY retraces gains to 94.65/70
FXstreet.com (Barcelona) - Investors sent the USD/JPY up to 94.96 high on news of a bailout agreement in Cyprus. However, the pair didn’t stay there much time and eased to 94.71, where it currently quotes, still higher on the day (+0.24%).
The European session will have a pretty empty economic calendar and markets will be mostly eyeing headlines coming from Cyprus, as officials still work on details. Later, the US will provide updates of the Chicago Fed Activity Index and Dallas Fed manufacturing. Fed’s Bernanke will speak at 17:15 GMT.
“The USD/JPY is still expected to trade between this week’s 93.45 low and last Friday’s 96.28 high”, wrote Commerzbank analyst Karen Jones, pointing to the 55 day moving average at 92.55 on the downside.
The European session will have a pretty empty economic calendar and markets will be mostly eyeing headlines coming from Cyprus, as officials still work on details. Later, the US will provide updates of the Chicago Fed Activity Index and Dallas Fed manufacturing. Fed’s Bernanke will speak at 17:15 GMT.
“The USD/JPY is still expected to trade between this week’s 93.45 low and last Friday’s 96.28 high”, wrote Commerzbank analyst Karen Jones, pointing to the 55 day moving average at 92.55 on the downside.