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13 Mar 2013
Forex: EUR/JPY pressured to 124.65
The EUR/JPY wasn't able to hold its price at the daily opening level and eased throughout the Asian session, finding support at 124.65 zone. This area continues to hold the cross against further downside, for now at least.
EMU industrial production fell -0.4% in January (MoM), disappointing consensus of -0.1%. December data was revised higher, from 0.7% to 0.9%. Annualized data improved from -1.7% to -1.3%, against a falling consensus to -2.2%.
UBS analysts note continued uncertainty over the parliamentary ratification process for the proposed new BoJ
leadership. “We are not overly concerned here - even though the main opposition party (DPJ) has announced its intention to oppose Kikuo Iwata for Deputy Governor, he is still likely to secure parliament's stamp of
approval thanks to support from other smaller opposition parties”, wrote analyst Gareth Berry, adding that the vote itself is likely to happen on Friday.
Berry is bullish: “The next strong resistance is at 127.71-127.92, a break above would open 132.05”, he said, pointing to support at 123.81 ahead of 121.77.
EMU industrial production fell -0.4% in January (MoM), disappointing consensus of -0.1%. December data was revised higher, from 0.7% to 0.9%. Annualized data improved from -1.7% to -1.3%, against a falling consensus to -2.2%.
UBS analysts note continued uncertainty over the parliamentary ratification process for the proposed new BoJ
leadership. “We are not overly concerned here - even though the main opposition party (DPJ) has announced its intention to oppose Kikuo Iwata for Deputy Governor, he is still likely to secure parliament's stamp of
approval thanks to support from other smaller opposition parties”, wrote analyst Gareth Berry, adding that the vote itself is likely to happen on Friday.
Berry is bullish: “The next strong resistance is at 127.71-127.92, a break above would open 132.05”, he said, pointing to support at 123.81 ahead of 121.77.