Forex: EUR/JPY at last week's highs

FXstreet.com (Barcelona) - Having failed one pip ahead of the 116.00 psychological level, printing its high at 115.99 on the US-fiscal-cliff-resolution-rally during yesterday's Asian session, the EURJPY has been tumbling across the chart.

Today, the cross fell to 114.44 low, quoting at last week's prices. The European opening allowed a bounce back to last week's high, at 114.70. Still at bank holiday since New Year, Japan is not contributing to market volume as much as it uses to yet. Higher volumes are expected starting tomorrow.

Meanwhile in Spain, unemployment fell 59.1K in December, better than the 50.3K expected and retracing part of last month's 74.3K rise. In Switzerland, SVME PMI has beaten consensus for an unchanged figure, rising from 48.5 to 49.5 in December.

"This is a key juncture on the chart (114.93 200 week moving average) as well as a medium term upside objective and we would not be surprised to see some consolidation in this zone", wrote Commerzbank analyst Karen Jones, expecting dips to find that 111.43/57 (October 2011 high and the March 2012 high) offer interim support ahead of the 110.88 short term uptrend