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Yen strengthens against greenback ahead of US jobs data

On Friday, the Japanese yen managed to strengthen against the evergreen buck and the common currency, as investors remained passive ahead of American jobs data.

The greenback edged down from ¥107.26 to ¥107.19 in New York. As for the euro, it dropped from ¥122.33 to ¥122.22.   

Right after last week’s initial buying on gloomy sentiment when the Bank of Japan made up its mind to stand pat notwithstanding sincere hopes for extra stimulus, Japan’s currency leapt further in the middle of the country’s Golden week holiday, hitting another new 18-month peak of ¥105.55 on Tuesday.    

There’s no doubt short-covering brought the greenback higher against its Japanese counterpart. However, Friday’s session remained thin, while most Japanese corporate traders were on vacation. Furthermore, a wait-and-see sentiment dominated before the issue of American jobs data for April in order to get more signs on what the Fed is going to do.       

It’s apparent that traders aren’t able to make big moves on Friday. 

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