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Forex pairs in this Article » EUR/JPY, USD/JPY (Barcelona) - EURJPY has recently seen some push higher, last at 118.70, off fresh session and 2-day highs at 118.91. The move comes almost totally on the back of Yen weakness: "more talk on the Council for Economic and Fiscal Policy (CEFP) will meet soon to promote more aggressive easing and other policies to stimulate the economy; also BBC reports that North Korea plans more long-range missile tests," says FXWW founder Sean Lee.

The analyst adds: "Probably a combination of the two, along with short covering after the Chinese PMI, are the likely reasons behind the rise in USDJPY," which has dragged EURJPY higher along with it, still a -1.18% lower for the week, but more than +0.44% up since previous Asia-Pacific open yesterday and for the session being. Nikkei index is higher by +0.93%, off recent session highs above the 10600 points mark.

Immediate resistance for EURJPY to the upside comes at recent session highs/Monday's lows 118.90, followed by Friday's/Jan 11 highs at 119.40, and Jan 15 highs/weekly starting price at 120.00. To the downside, nearest term support lies at yesterday's highs 118.27, followed by recent session lows at 117.63, and yesterday's lows at 117.08.
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