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Forex: EUR/JPY rising and eyeing Friday’s high at 130.34

FXstreet.com (Barcelona) - While the EUR is generally falling as the European session opens and Markit services PMI gets published, the EUR/JPY is on the opposite direction backed by more Yen weakness. The cross had rallied from 128.00 to 130.34 high on Friday, and despite closing the week below the 130.00 mark, the market is very near 130.34 already, as this momentum printed a high at 130.28.

Despite PMI services weakness in Spain, down from 45.3 to 44.4 (consensus of 45.7) in April, Spanish unemployment fell by -46.1K instead of rising 17.1K in April. Data follows a -5.0K drop in March.

“Were it to stay below the 130.73 April 22 high, downside corrective risk would remain in play and allow for further losses and a slide back to the 125.00, the low from mid-April, to be seen”, wrote Commerzbank analyst Karen Jones, more biased to a rise to 131.12 April peak and the slightly longer term target at 136.71.

Spain: Unemployment Change down to -46.1K in Apr from -5K in Mar

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