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    Forex: EUR/JPY Fell Sharply to 135.20 on ECB's Nowotny Comment

    The euro fell sharply against the yen from 136.40 to 135.20 (-120 pips) following the dovish comment from the ECB monetary board member, Ewad Nowotny who said,  "It is now obvious that the ECB must do more to stimulate the economy. Additional set of instruments are neccessary."

    His comment immediately raised speculations of more quantitative easing measures that weakened the euro against the major currencies. Yen buying ensued. Sell stops were hit  on the way down. (136.20, 136.00, 135.70). Momentary support at 135.20.

    EURJPY.10.15.2015 resized 600 

    Chart: WorldWideMarkets Alpha Trader



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