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Forex: USD/JPY rallies as Euro concerns ease on PMI data

European money is allowing the USD/JPY to turn back to the upside. After the Asian shift pressure, with a low at 91.98, the market started the current bouncing movement at 92.13. As the "risk off" cloud disappears on Euro air due to stronger PMI data, the USD/JPY rally extends higher, already at 92.70 (+0.35% on the day).

The EMU PMI Composite rose from 47.2 to 48.6 in January, beating consensus of 48.2. Services PMI came in at 48.6 too. The German PMI Services is more expansionary, from 52.0 to 55.7 in January, beating consensus of 55.3.

Spain had a better than expected figure, at 47 (instead of 44.1), while Italy disappointed at 43.9 (instead of 45.8) and France came in line with consensus, at 43.6.

"Conversely, holding above 92.00, would signal basing attempt, however, break above 92.60 is required to improve near-term sentiment", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to next resistances at 92.78, 92.95 and 93.17.

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