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Forex pairs in this Article » EUR/JPY (Barcelona) - After yesterday's giant upside that printed fresh 2012 highs by 111.44 (March high), the EURJPY is more rangebound today but was able to print a new high at 111.77. This means the cross is now trading at Aug-2011 levels as it climbs the board.

While the Yen is weak on expectations of strong balance sheet expansion by the BoJ soon, the euro sentiment is stronger on "fiscal cliff" hopes and the Greek rating upgrade by S&P. The BoJ meeting is tomorrow.

"The risk of a correction lower/consolidation at this point is high given that directly above the market we find the 38.2% Fibonacci retracement of the 2009-12 descent, March 2012 and October 2011 highs and the 2009 low", wrote Commerzbank analyst Karen Jones, pointing to near term risk of a slide to the 107.96 early December high.
however would alleviate immediate upside pressure.
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