FXstreet.com (Barcelona) - European currencies have picked up slightly after a drop off at the European session opening, while The Yen has taken back some ground on corrective reaction ahead of this afternoon's U.S. GDP figures.

The Euro dropped to a fresh intra-week low at 1.2629 on early European session after failing to get above 1.2750.During European trading times EUR/USD has recovered, despite Eurozone's unemployment rate growing, and at the moment seems to be holding above support line at 1.2662.

GBP/USD has followed a similar path, rejected by 1.4300 has sent the pair back to 1.4143 from where it seems to have recovered climbing to test 1.4200/22 resistance area so far.

Yen gains on profit taking

The Yen has been the major winner of European session, following rallies across the board during Friday's Asian session the yen continues on the rise against majors on what seems to be a profit taking reaction after two weeks rally

The USD/JPY has dropped from 97.90 at the opening times of European markets to session lows of about 97.15, extending fall from 26 Feb high at 98.72.

GBP/JPY has dropped about 400 pips from 141.80 high on Feb 26 to support level at 138.00 (Feb 25 low) and EUR/JPY has lost around 300 pips so far on its retu4r5n from 126.00 dropping to 123.00 so far.