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Forex: USD/JPY breaks below 99.00 bids

FXstreet.com (Barcelona) - USD/JPY is last at 98.96, off fresh session and weekly lows at 98.72, breaking below previous NY session weekly lows following HSBC flash manufacturing PMI China coming in lower than expected at 50.5, when previous was at 51.6. Market is reporting big options related orders above 100.00 round, while “offers are joined by ‘real money’ selling,” said ForexLive editor Eamonn Sheridan.

Also reported today, while Nikkei index prints session lows down -0.28%, was hedge fund FX Concept exiting a long USD/JPY position recently, and looking for the 92 level before going any higher: “At a Reuters summit, the founder of hedge fund FX Concepts says that USD/JPY will fall to 92.00 in the next few months followed by a rally to 110 in the second-half of the year. Global growth fears will be the catalyst for the Q2 decline, Taylor says,” FXBriefs noted.

Immediate support to the downside for USD/JPY lies at recent session/weekly lows and April 15 lows 98.70, followed by April 18 highs at 98.50, and April 17 highs at 98.40. To the upside, closest resistance shows at yesterday's lows 98.97, followed by NY session highs/previous weekly close at 99.50, and Friday's highs at 99.70.

Forex: AUD/JPY edging lower post HSBC China PMI data

The AUD/JPY is leaking lower during the Asia session, down 57 pips at 101.24. The pair was initially trading near 101.80 early in the session, but quickly sold off towards 101.30 after the HSBC China PMI data came in under expectations.
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Forex: EUR/USD remains in narrow range during Asia session

The EUR/USD is currently down 8 pips at 1.3050, with the pair not reacting much in either direction after the HSBC China PMI print came in below expectations earlier in the session. The economic calendar out of Europe will be busy in the coming session including German PMI (7:28 GMT) and European PMI (7:58 GMT).
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