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Forex: USD/JPY pressured on European session, low at 93.88

FXstreet.com (Barcelona) - Having tested the 94.00 line during the Asian session, the rebound was limited to 94.25 zone and then the publication of German unemployment data and EMU money supply triggered another move down, printing a low at 93.88. The USD/JPY is currently trading back at 94.00 ground.

There were 13K more unemployed people in Germany in March, instead of 4K less as expected. The unemployment rate remained at 6.9%. German retail sales rose 0.4% in February (MoM), beating -0.1% consensus, but annualized data fell from +2.5% to -2.2% (consensus of 0.4%). EMU money supply (YoY) eased from 3.5% to 3.1% in February, beating consensus of 3.3%. Private loans remain at -0.9%, as expected.

“The downtrend here is absolutely intact and current rebound above 1.2748 low should be considered corrective in nature, preceding next leg downwards, to 1.2700 area”, wrote Deltastock.com analyst Stoyan MIhaylov, pointing to intraday resistance at 1.2820 and crucial on the upside is 1.2890.

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