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Forex: USD/JPY extending its decline below 99.00

FXstreet.com (Barcelona) - The Japanese yen found renewed strength after the BoJ left intact its monetary policy this early morning, accelerating its gains against the greenback to the current area of 98.65/70 from lows in the vicinity of 99.40.

“For the next catalyst for USD/JPY moving higher it may well have to come from abroad. Clearly, the US economy is key. We do expect USD/JPY to move higher but much of the story going forward from here relates to the US economy strengthening again and the FOMC moving to taper QE3 by around year-end”, assessed Strategist at BTMU, Derek Halpenny.

At the moment, the cross is down 0.53% at 98.72 with the next support at 98.10 (low Apr.19) followed by 97.82 (hourly low Apr.18) and finally 97.79 (Tenkan-Sen line).
On the upside, a breakout of 99.42 (high Apr.26) would aim for 99.57 (high Apr.25) and then 99.90 (high Apr.22).

Commodities Brief – Precious metal rally continues, crude holds above 93.00

Gold prices started Friday off with a positive surge, though this has clearly waned as of late during European trading. On the heels of a fresh BoJ reiteration of its stimulus program, the yellow metal was seen easing off its highs of 1476. In recent moments, the price of gold has moved to USD $1464.14 per oz., which still represents a strong gain on the day. Prolonged stability above the 1475 upside target will do much to lend confidence to a further gold rally that could eventually retake the 1500 barrier.
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Forex: EUR/GBP establishing fresh session highs at 0.8446/50

The EUR/GBP has edged higher Friday to establish fresh highs during European trading. After yesterdays plunge, the pair has now shown some tepid manner of recovery, rising to 0.8446/50 in these moments, notching a gain of +0.18%.
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