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Forex - EUR/JPY firms against yen on bullish German business sentiment

ForexJan 25, 2013 02:58PM ET
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Forexpros - The euro rose against the yen on Friday after German economic confidence data beat expectations earlier.

The yen, meanwhile, continued to come under pressure after an economic ministry official voiced comfort with a weaker currency.

In U.S. trading on Friday, EUR/JPY hit 122.66, up 1.51% and up from a low of 120.67 and off a high of 122.78.

The pair sought to test support at 120.67, the session low, and resistance at 122.78, the session high.

Earlier Friday, the euro strengthened after the Ifo Institute for Economic Research said that its index of German business confidence improved to 104.2 in January, from 102.4 the previous month, beating expectations for a rise to 103.0.

Elsewhere, the European Central Bank said that banks will repay EUR137.159 billion in three-year loans next week, opting to hand back the money early, a sign the European financial sector may be returning to health.

The European Central Bank made the three-year loans available to banks last year to increase liquidity levels to combat the debt crisis.

On Thursday, Japan's Deputy Economy Minister Yasutoshi Nishimura said a USD/JPY exchange rate of 100 would not cause major concerns to the government, which sent the Japanese currency plunging, with losses extending into Friday trading.

Prime Minister Shinzo Abe has made repeated calls for looser monetary policy and greater tolerance for inflation as part of more pro-growth economic strategies.

Earlier this week, the Bank of Japan said it would start open-ended asset purchases from banks to stimulate the economy though not until 2014.

Bank of Japan Governor Masaaki Shirakawa reiterated on Friday that the monetary authority remains committed loose monetary policies.

The euro, meanwhile, was up against the pound and up against the Canadian dollar, with EUR/GBP trading up 0.58% at 0.8522 and EUR/CAD trading up 1.17% at 1.3567.










Forex - EUR/JPY firms against yen on bullish German business sentiment
 

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