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Forex: EUR/JPY around 125.00 after digesting Draghi

After its rally to as high as 125.89 in early European session, the EUR/JPY has been finding support for its gains at 1.25.20 zone as it tries to quote around 125.50. The market dived a little on ECB's Draghi speech before the European Parliament, but the cross has already retraced that movement back to 125.50.

He said the central bank's stance is accomodative and that the exchange rate, while not a policy target, it is important for growth and price stability. Eurozone weakness is expected to continue throughout 2013.

The economic calendar is empty for the rest of the trading day, and the US and Canada will not be helping the FX market volume-wise. Tuesday's trading will start off with BoJ meeting minutes and then Japan's leading economic index and coincident index.

Mataf.net analysts point to resistances at 125.90, 126.50 and 126.90. On the downside, supports might be found at 125.10, 124.55 and 123.85.

Fundamental Afternoon Wrap: EUR supported by weak dollar and Japan to resume talk down

As we look across our afternoon institutional research with a close to nonexistent economic calendar today, developments have generally echoed the morning sentiment. namely, little has changed for the Euro and the USD weakness ahead should contribute to supporting an elevated exchange rate. JPY is the other key area of focus, with the almost flippant continuation of talking down the Yen by PM Abe, just days after the G7 & 20 took a lenient stance on Japanese monetary policy.
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Draghi: Exchange rate is not a polict target

ECB head Mario Draghi visited the European Parliament on Monday to take part in two hearings before the Committee on Economic and Monetary Affairs, one on the central bank’s monetary policy and the second on systemic risk.
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