The Japanese yen slipped against its key counterparts in the Asian session on Friday amid rising risk appetite, as Asian markets rose following strong gains overnight on Wall Street and higher commodity prices.

Investors await U.S. jobs data later in the day for evidence of economic growth in the world's largest economy.

The U.S. Labor Department's report is expected to show an increase of about 190,000 jobs in December following the jump of 228,000 jobs in November. The unemployment rate is expected to hold at 4.1 percent.

The latest survey from Nikkei showed that Japan's services sector continued to expand in December, although at a marginally slower rate, with a Services PMI score of 51.1.

That's down from 51.2 in November, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Data from the Bank of Japan showed that Japan's monetary base rose 11.2 percent on year in December, coming in at 474.126 billion yen.

That follows the 13.2 percent annual jump in November.

The yen dropped on Thursday, as sentiment lifted up on upbeat data across the globe and higher oil prices. It dropped 0.7 percent against the euro, 0.2 percent against the greenback and 0.5 percent each against the franc and the pound.

The yen dropped to 80.89 against the kiwi, its lowest since October 19, 2017. If the yen weakens further, 82.00 is possibly seen as its next support level.

The yen hovered around a 2-1/2-month low of 88.75 against the aussie, compared to 88.63 hit late New York Thursday. Continuation of the yen's downtrend may see it challenging support around the 89.5 region.

Data from the Australian Bureau of Statistics showed that Australia logged a seasonally adjusted merchandise trade deficit of A$628 million in November.

That was well shy of forecasts for a surplus of A$550 million following the A$105 million surplus in October.

Reversing from an early high of 90.23 against the loonie, the yen weakened to a 2-1/2-month low of 90.48. The next possible support for the yen is seen around the 92.00 mark.

The yen slipped to an 8-day low of 113.03 versus the greenback and more than 2-year low of 136.47 against the euro, off its early highs of 112.72 and 135.98, respectively. On the downside, 114.00 and 138.00 are likely seen as the next support levels for the yen against the greenback and the euro, respectively.

The yen weakened to 153.45 against the pound, a level unseen since June 20, 2016. Further downtrend may see the yen challenging support around the 155.00 region.

Data from the the British Retail Consortium showed that the U.K. shop prices fell 0.6 percent on year in December.

That missed expectations for a flat reading following the 0.1 percent contraction in November.

The yen that closed Thursday's deals at 115.70 against the franc slipped to a 3-month low of 116.03. The yen is seen finding support around the 117.00 region.

Looking ahead, Eurozone PPI for November and advanced CPI for December are due in the European session.

U.S. trade data and factory orders for November, non farm payrolls data and ISM non-manufacturing composite index for December, as well as Canada jobs data and Ivey PMI for December are set for release in the New York session.

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