Forex: EUR/JPY rises back to 114.93, 200-week MA

FXstreet.com (Barcelona) - With a 2013 high printed at 115.99 on Wednesday, the EURJPY took profits on the US fiscal cliff resolution and on the continued upside seen throughout the months. The cross fell to as low as 113.66 as investors were reminded of the debt ceilling issue in the US. Today, the market is moving higher particularly due to a weaker Yen as Japan returns to markets after prolonged bank holidays.

Markit Services PMI data for European countries are being released, and Spanish figure has come out at 44.3 in December, rising from 42.4 and beating the 42.8 consensus. Already released, Retail Sales in Germany grew 1.2% in December (MoM), beating 0.8% consensus, and contracted less than expected on the yearly basis (-0.9% vs -1.2%).

The EURJPY has moved as high as 114.96, for now. "The market has recently reached its 114.93 200 week moving average", wrote analyst Karen Jones. "This is a key juncture on the chart 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, pointing to interim support at 111.43/57 (October 2011 high and the March 2012 high) ahead of the 111.16 short term uptrend.