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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.

According to Karen Jones, an Analyst at Commerzbank, “Above 94.07 we have the 2010 high at 94.99 then the March 2009 spike low at 95.77”, identifying that the pair has met its target of 93.32/96 (measurement higher from its triangle and the 38.2% retracement of the move down from 2007), which should act as a major resistance/target zone for this move.

Technically speaking, the recent uptrend in the USD/JPY eyes the next target and key medium-term barrier at 94.97 (May 2010 high), a retest of which would confirm full retracement of 2010/2011 descent and confirm the base at 75 zone (lows of 2011). Any reversal should subsequently ideally hold above 92.00 handle, keeping the structure intact, notes Slobodan Drvenica, an analyst at Windsor Brokers Ltd.

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).
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Gold prices edge lower to $1670.25

The price of Gold spiked yesterday in excess of 1680.00, before ultimately heading lower again to end the trading session in the all too familiar negative territory once again. According to the ICN.com analyst team, “the yellow metal recorded a low at 1666.00 just above our initial target at 1663.00. In general, pricing movements suggest a bearish step that is still valid for the duration of the day and will continue to be so as long as 1695.00 level is intact.”
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