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Forex Trading StrategiesJPY quiet in Asia ahead of BoJ's monetary policy report
The Japanese government put pressure on the BoJ . LDP policy chief says BoJ must be responsible so that deflation does not occur again
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ Japan's Leading indicator at 85.0 and coincident indicator at 100, both in line with expectations
â€˘ Japans Feb M2/CD grew 1.7% vs an expected 2.0%
â€˘ RBA cash rate left unchanged at 5.50% as expected
â€˘ Fed's Moscow spoke and said that "even with the funds rate in the range of neutral, further changes in policy may be appropriate."
â€˘ US treasuries managed to take recover some lost ground in the Asian session
THEMES TO WATCH â€“ UPCOMING SESSION
USD made nice gains across the board yesterday, with EURUSD trading below 1.1890 support. But it is important to remember that it certainly shows sign of a reversal from 1.2090 high, but the road ahead looks choppy with both 1.1850, 1.1780 and 1.1640 support still in place. We need to see these levels get taken out before confirming that more downside is to come. The big question is still the yield and whether the US has reached its neutral zone yet. Today St. Louis Fed Poole speaks and later Fed Chairman Bernake take stage which may give some indication for the March 27th rate decision.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
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