FXstreet.com (Barcelona) - European stock markets have celebrated with gains, after a positive session in Asia, The USD/JPY has soared to a two and a 11-week high while the Pound soared and the Euro lost some ground gained on Friday.

European markets have started the week with gains relieved by the fact that nationalisation of Citibank did not occur, markets seem to celebrate the fact that nationalization is not needed. Wall street is expected to open the week on a strong upward pace.

For currencies it has been a rather volatile session despite the lack of any relevant macroeconomic data; USD/JPY has risen momentarily past 94.64 Jan 9 high), to the highest level since early December, although it has corrected slightly down afterwards. The USD has rallied about 300 pips from session low at around 95.60.

GBP/USD has continued rallying against the Dollar after having bounced up from 1.4152 last Friday. The pair has broken past 1.4606 during European session and its climbing towards 1.4698.

The Euro attempted to break resistance at 1.3000 but it was rejected and the pair has traced back its whole Monday's rally, dropping around 200 pips to support level at 1.2800.