FXstreet.com (Barcelona) - A weakening Yen and a strengthening EUR is sending the EURJPY higher on the European Monday morning, Christmas Eve. The cross was already above the 111.00 handle in late Friday US session, but today's upside has taken the market to 111.59, for now.

LDP's no.2, Ishiba, called for a USDJPY exchange rate of 85/90 and Prime Minister-elect Abe said that the government will revise BoJ Law if the central bank doesn't change its inflation target to 2% at the January 21-22 meeting. Yen depreciation would likely send the EURJPY to higher levels.

UBS analysts are neutral: "The cross is under correction and today's buying will find resistance at 112.5", wrote analyst Gareth Berry, pointing to support at 110. 63.

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