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Forex pairs in this Article » EUR/JPY (Barcelona) - The Asian session pushed the Yen higher, probably in reaction to the G7 FX communiqué and following headlines, sending the EURJPY down to 124.78 low. However, the cross was able to fully retrace such losses and return to 125.75 opening price. Still, the market has been rejecting a move higher, with the pair finding its high at 125.89.

EMU industrial production rose +0.7% in December (MoM), beating +0.2% consensus. Annualized data rebounded from -4.0% to -2.4%.

"There is a potential diamond top in development on this chart, these are aggressive reversal patterns BUT they are so rare that for now I will stick to just looking for a retracement back to the trend line scenario", wrote Commerzbank analyst Karen Jones, pointing to supports at 122.15 and 119.74 to provoke recovery.
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