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Forex: USD/JPY on to new daily gains

The USD/JPY reached a new high on today's Asian session, on the back of a “risk on” move after Friday's NFP and on the usual Yen easing. After hitting 92.80, the market weakened coming to as low as 92.56 at 07:00 GMT, from where it is rapidly bouncing.

Japan's monetary base eased from 11.8% to 10.9% in January, failing to reach the expected 13.2%. The pair is on its way to extend daily gains above 92.80.

Commerzbank analysts point to 93.32 and 93.96 (38.2% retracement of the move down from 2007) as major resistance/target zone for this move. “The Elliot wave count on the intraday chart is implying we have one more leg to 94.70 prior to failure”, wrote analyst Karen Jones, pointing to support at 89.88 and 89.55. “While above here the market will remain immediately bid”, she added.

Asian markets rise in reaction to US NFP

Asian markets went for a “risk on” session on Monday in reaction to Friday's NFP data in the US. TD Securities analysts explained: “Upward revisions to US historical payrolls data were widely interpreted as a goldilocks report: good enough to show traction in the economy but not so good as to spark FOMC tightening expectations”, wrote Annette Beacher.
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Forex: USD/CHF at gains today

The range of the USD/CHF remains tight, but steadily, the market is moving higher, by +0.17% on the day. Having hit a low at 0.9076 (December low) on the Asian session, the pair is trading at 0.9094, daily highs.
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