FXstreet.com (London) - EUR/JPY is trading to the downside on EUR weakness. Doubts over Eurzone sovereign debt are still on the investor radar. The pair has drifted from session highs of 134.00, and now trades in a tight range after consolidating at around the current level 133.47.

Euro weakness has overshadowed Yen weakness this session, with the echoes of Greece, Iceland and Spain all still bounding around the market. Dubai concerns reared again in previous session, which will only serve to freshen investor doubts on the Euro..

With pair currently trading at 133.47 next support can be found at 133.35 (lower bound of current trading range), followed by 133.20 (inflection point Jan 7). In the case of a reversal, next resistance 133.58 (upper bound current trading range).