The pair touched the downwards intraday trendline at 135.78 and broke it hard to hit 136.95 and then correct to the fibo 38.2 (136.18). It then went up to 137.07 and is now correcting to 136.86.The decline of the dollar, given the rebound of crude (80.20), pushed the euro, which hit new year highs against the dollar.

The support at 136.20 yens per euro is fundamental so the pair can seek new highs this week. We'll be paying attention to possible declines in indexes such as the S&P500, that yesterday lost almost 20 points (its daily average range) in just 45 minutes.

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