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Forex Flash: USD/JPY meets strong resistance - Commerzbank

The USD/JPY rally is extending the distance from the 20 day ma at 90.48 and 2 month up channel at 89.91, where it remains immediately bid while above it, reinforced by the 88.20 4 month uptrend.

“Above 94.07 we have the 2010 high at 94.99 then the March 2009 spike low at 95.77”, wrote Commerzbank analyst Karen Jones, pointing out 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.

UK: Halifax House Prices fall 0.2% in January, as expected

UK Halifax House Prices decreased 0.2% in January, compared with 1.3% growth registered the previous month, the HBOS revealed on Wednesday. This result is in line with forecasts.
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Forex: GBP/USD rebounds slightly off lows to 1.5642/45

The GBP/USD is trading in negative territory Wednesday after peaking near the 1.5800 region during yesterdays trading session – indeed that level now seems like a distant memory as the pair is entrenched in negative territory at 1.5642/45 dung European trading.
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