FXstreet.com (London) - EUR/JPY is trading to the upside this session on JPY weakness. Doubts over Eurozone sovereign debt are still on the investor radar, however right now it is Yen weakness as the overriding theme. An increase in risk appetite has negative impact on Yen. Pair currently trades at 133.91, 31 pips up on the open.

Dubai concerns reared again in previous weeks trading, and the latest story to compound Eurozone threats is the doubt lingering over Portugal now, as the latest victim to fall to the whim of the ratings agencies.

With pair currently trading at 133.91 just off session highs of 133.98, seems to have hit resistance and beginning consolidation at current level. In the case of a reversal, next support at 133.70 (consolidation zone 11 Jan) then 133.45 (previous session consolidation zone). On the upside take next resistance as 134.14 (High Jan 7).