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Forex pairs in this Article » EUR/JPY, EUR/USD (Barcelona) - EURJPY is last at 111.77, about flat for past 2 days, despite the 180 pip range in between, still +1.67% higher for the week. The cross bounced in early London trade from daily lows at 110.71, where it stalled the retrace from previous fresh 16-month highs at 112.50 printed on Wednesday. EURJPY rallied till Thursday's highs at 112.15, now retracing from there.

According to FXWW founder Sean Lee: "if the markets open on January 7th with pairs like EURJPY still at these levels, then we could be in for some sharp early-2013 bull moves," the analyst says, noting the cross has been behind most of the big moves in EURUSD in recent hours. Nikkei index closed yesterday with a -1.19% decline closing marginally above the key 10k points figure, now opening above the 10140 points up by +1.06%.

Immediate support to the downside for EURJPY lies at Monday's lows 111.24, followed by yesterday's lows at 110.70, and Monday's lows/past Friday's highs 109.95. To the upside, nearest term resistance shows at yesterday's highs 112.15, followed by Wednesday's fresh 16-month highs at 112.50, and March 24/May 16 2011 lows at 113.39/50.
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