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4 Mar 2013
Forex: EUR/JPY up and looking to 122.00
While the Japanese Yen moves relatively smoothly, ignoring BoJ Governor-nominee Kuroda's dovish speech, the Euro is prancing around and forcing the EUR/JPY to first drop to 121.27 low before jumping towards the 122.00 mark.
On the economic calendar were "not as bad as expected" news from Spain as the country has added 59.4K new unemployed in February. However, the number is smaller than the 77.5K expected and less than half of the January figure. EMU Sentix Investor Confidence and PPI are due to be released at 09:30 GMT and 10:00 GMT.
"The immediate risk appears to be for extension of the consolidation phase", wrote UBS analyst Gareth Berry, pointing to resistance at 124.28 ahead of 127.92, while support is at 120.36 ahead of 118.73.
On the economic calendar were "not as bad as expected" news from Spain as the country has added 59.4K new unemployed in February. However, the number is smaller than the 77.5K expected and less than half of the January figure. EMU Sentix Investor Confidence and PPI are due to be released at 09:30 GMT and 10:00 GMT.
"The immediate risk appears to be for extension of the consolidation phase", wrote UBS analyst Gareth Berry, pointing to resistance at 124.28 ahead of 127.92, while support is at 120.36 ahead of 118.73.