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Forex: EUR/JPY erasing weekly gains

The EUR/JPY continues extending lower as the European session unfolds and the market digests wider than expected recession figures in Europe and the ECB's availability to discuss the option of negative interest rates as monetary policy.

The cross is currently down by -0.92%, quoting at 124.50, below yesterday's low of 124.78. In the weekly frame, the market is erasing gains made to as high as 126.94 and getting increasingly closer to the opening of 123.92.

UBS analysts are bullish "The major support is at 122.38. While this holds, there is scope for resumption of strength", wrote analyst Gareth Berry and Geoffrey Yu, pointing to resistance at 127.92 ahead of 132.05.

Forex: EUR/USD falls further on ECB Constancio words

Investors are pricing bad news for the EUR since early in the European morning, starting with French and Germany worse than expected flash GDP Q4, followed by the ECB monthly report that blames the stronger EUR as a downside risk for inflation, and then the EMU GDP Q4 also pointing to a wider recession than consensus.
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Forex: EUR/CHF challenging 1.2300

The increasing risk aversion coupled with renewed weakness around the single currency are prompting investors to resume the inflows into the safe havens on Wednesday, dragging the pair to the boundaries of the key support at 1.2300...
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