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Forex: USD/JPY close to Friday’s high at 99.27

FXstreet.com (Barcelona) - The USD/JPY is trading quite slowly today, but towards the upside as the lower 99 held the market with a narrow and sidelined Asian session. Ahead of the European session, the pair jumped back to its highs of 99.20 and even extended to 99.25. Friday’s high was at 99.27.

Japan was out today, celebrating Children’s Day, but investors may see action with the publication of Markit services PMI data in euro countries. Most should see slight improvement except for Germany (consensus of a drop from 50.9 to 49.2). The EMU figure is expected to rise from 46.4 to 46.6 and the EMU Composite PMI to stay unchanged at 46.5. Eurozone retail sales is expected to drop by -0.1%, with YoY data easing from -1.4% to -1.9%.

While held above 95.40/94.13, “the market will remain capable of and retesting the 99.70/100.00 resistance area (recent high, Fibonacci retracement and psychological resistance). This resistance zone is being targeted at present but is likely to cap once again, before eventually being breached. Above here will see an extension to 101.27/67 (the 1999 and 2005 lows)”, wrote Commerzbank analyst Karen Jones.

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