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4 Feb 2013
Forex: EUR/JPY at 125.50/126.00
The EUR/JPY eventually failed to hold above the 126.00 mark and eased further to 125.50 ahead of the NY session. Since then, the market has been ranging at 125.50/126.00, with no breach in sight yet. In the meanwhile, Factory Orders in the US was published.
In December, factory orders rose 1.8% in the US, disappointing the consensus of a rise by 2.2%. November data was revised lower, from unchanged to -0.3%. Little in the economic calendar is expected to move the market today, but BoE and ECB policy meetings are this week and investors are positioning themselves for those events.
The EUR/USD was seen soaring into 33 month highs above its interim target of the 123.00/33 (2011 high and 38.2% retracement of the move down from 2008). “This break has introduced scope to the next resistance at 127.93 the April 2010 high”, wrote analyst Karen Jones, pointing to the 240 minute cloud at 119.96/121.10 to support consolidative movements.
In December, factory orders rose 1.8% in the US, disappointing the consensus of a rise by 2.2%. November data was revised lower, from unchanged to -0.3%. Little in the economic calendar is expected to move the market today, but BoE and ECB policy meetings are this week and investors are positioning themselves for those events.
The EUR/USD was seen soaring into 33 month highs above its interim target of the 123.00/33 (2011 high and 38.2% retracement of the move down from 2008). “This break has introduced scope to the next resistance at 127.93 the April 2010 high”, wrote analyst Karen Jones, pointing to the 240 minute cloud at 119.96/121.10 to support consolidative movements.