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Forex: USD/JPY pushes above 93.75

USD/JPY is printing yet another new 33-month high last at 93.77, up +0.98% for the week so far, on the back escalating tensions over the islands dispute between Japan and China, and as BoJ prepares for current gov Shirakawa to step down on March 19, Reuters reported. The pair bounces from yesterday's weekly lows at 91.96 on continued Yen weakness.

According to FXstreet.com Independent Analyst Ivan Delgado: “Any pullback to retest the broken-resitance-turned support enjoys now the confluence of a rising 20-EMA on the hourly chart. The market continues to show clear impulsive moves followed by retracements corrective in nature. The next upside target is located at 94.70 - April 2010 highs,” Ivan suggests. Nikkei index closed yesterday down by -1.9% off fresh multi-month highs, while SP500 closed today in NY up by +1.05%.

Immediate resistance to the upside for USD/JPY shows at recent fresh 33-month highs 93.77, followed by May 22 2009 lows at 93.81, and July 28 2009 lows at 94.00. To the downside, nearest term support lies at NY session highs 93.53, followed by Monday's highs at 93.18, followed by Friday's highs at 92.97.

Forex: EUR/JPY regains fresh multi-year highs above 127.00

EUR/JPY is currently printing fresh 33-month highs last at 127.24 on both Yen weakness and Euro strength, going above previous Friday highs at 127.00 round. The cross bounces from fresh weekly lows at 123.98 in early London trade, where “Sovereign players were noted buyers of EUR/USD at the overnight lows near 1.3465,” reports FXWW founder Sean Lee.
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China and Japan tensions remain high; risk trades to be affected?

A Chinese navy vessel has been reportedly making use of a radar designed to aim weapons to a particular target against a Japanese navy ship in the East China Sea, Reuters reports this morning. Both Chinese and Japanese continue to patrol around the islands using fighter jets and ships.
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