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      Forex: EUR/JPY retraces Asian losses

      The Asian session pushed the Yen higher, probably in reaction to the G7 FX communiqué and following headlines, sending the EUR/JPY 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.

      EU Industrial Production w.d.a. (YoY): -2.4% in Dec; 0.7% (MoM)

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      Forex: EUR/GBP above 0.8600

      With the downside blocked at 0.8575 area, the EUR/GBP found no other way but to move higher starting in early European morning. The opening of stock exchanges triggered a break above the 0.8600 mark, quickly limited around 0.8610/15.
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