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22 Mar 2013
Forex: USD/JPY retracing losses ahead of Cypriot Parliament vote
FXstreet.com (Barcelona) - By the end of the Asian session, the USD/JPY eased from its opening price area just below the 95.00 mark and eased to as low as 94.55. Now, and ahead of another Parliament vote in Cyprus to ensure financing before Monday, the pair is retracing those losses, at 94.80 currently.
The new idea to be put to a voting consists in a solidarity fund, with the government transferring rights for the natural gas reserves into this fund, which would then issue bonds to be presumably largely bought by Russia and Cyprus aimed to continue with the original. This plan guarantees deposits up to €100K and in-cludes the creation of a bad bank.
Commerzbank analysts don’t expect any kind of direction for now: “For now unexpected failure at 93.45 will lead to the 55 day moving average at 92.43 being targeted. Minor resistance comes in between Friday’s 96.28 high and the one week resistance line at 96.27”, wrote analyst Karen Jones.
The new idea to be put to a voting consists in a solidarity fund, with the government transferring rights for the natural gas reserves into this fund, which would then issue bonds to be presumably largely bought by Russia and Cyprus aimed to continue with the original. This plan guarantees deposits up to €100K and in-cludes the creation of a bad bank.
Commerzbank analysts don’t expect any kind of direction for now: “For now unexpected failure at 93.45 will lead to the 55 day moving average at 92.43 being targeted. Minor resistance comes in between Friday’s 96.28 high and the one week resistance line at 96.27”, wrote analyst Karen Jones.