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Forex pairs in this Article » EUR/JPY (Barcelona) - Despite the Yen selloff during the Asian shift that allowed a move to 127.70 high, the EUR is weaker too and overshadowed the JPY selloff, pushing the EURJPY lower on the day. The cross has reached as low as 126.53 ahead of the European session, but has just bounced back to the 127.00 mark (-0.15% on the day).

BoJ's Sato called for a new level of action to reach the 2% inflation target, focused on a kind of monetary policy able to affect exchange rates.

Investors will be eyeing German Factory Orders data. Consensus points to a 0.9% rise in December, but an annualized drop from -1.0% to -1.2%.

UBS analysts are bullish on the EURJPY: "There is scope for extension of the uptrend. Near-term resistance is at 126.97, a break above would open 127.92 and then 132.05", wrote analyst Gareth Berry, pointing to support at 122.01.
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