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Forex: USD/JPY extends Friday’s gains to 99.45 high

FXstreet.com (Barcelona) - The Yen is having a moment of weakness during the European opening which is taking its toll against the USD and EUR as both USD/JPY and EUR/JPY rise today. The USD/JPY had found good support at 97 ground last week and started rebounding on Thursday ahead of the US nonfarm payrolls report. A better than expected figure, including a revision higher of March data, allowed a rally to 99.27 high. The pair is now extending these gains as the market is past 99.27 and reached 99.45 high, so far.

Meanwhile, European data is being published. 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. German services PMI is expected to drop from 50.9 to 49.2, but 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%.

“The outlook here is bullish, for another tight test of 100.00 sentiment area before one more downswing to 98.40. Initial support is projected at 99.00, followed by the major level at 98.40”, wrote Deltastock.com analyst Stoyan Mihaylov.

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