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Forex Flash: EUR/JPY with potential bull flag - Commerzbank

Commerzbank analysts see a potential bull flag in the chart, and while under pinned by trendline support at 120.91 an upside bias will remain. Below it, there is also the 2 month steeper trendline at 123.52. “Near term resistance lies at 125.98, a break above here would cast attention back to the key resistance at 127.71/93, the 6th February high and the April 2010 high”, wrote analyst Karen Jones, adding upside targets at 129.00 (Fibo) ahead of 136.71, the upside measured target from the falling wedge.

EMU: Construction Output declines 1.7% in December

Eurozone Construction Output s.a. fell for the fourth running month in December by 1.7%, following a 0.4% drop the previous month, according to data released by Eurostat.
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Fundamental morning Wrap: AUD joins the EURusal suspects in focus

Taking a look across institutional research this morning brings three themes into play. Sterling is out and AUD is in, joining EUR and JPY as the market focal points. On a quiet morning, attention has fallen on the pending LTRO II and Italian elections on Friday and the weekend. Over in Japan, the views appears to be that officials look like they are playing a two steps forward, one step back approach to verbal intervention, which they may feel is more subtle than it is actually coming across. finally, down under in Australia, the RBA looks unlikely to cut rates further at the moment as previous adjustments look to have had the desired effect. In the macro space, there is a bit of quiet, but the US´s rapid climb up the energy producing table is raising eyebrows, while there are hints that we may be at the start of a prolonged equity rally.
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