EUR/JPY remains weighed down by the combination of profit-taking after an exuberant rally at the end of March as well as on-going concerns over the Greek debt situation.
The 125.45 region was the area from which we broke out on our way toward 128.00 and a retest of the breakout is bullish, so long as we don’t penetrate below the 125.45 area too far. So far today, we’ve been as low as 125.36. Much below 125.20/25, and all bets are off.
USD/JPY continues to hold above the key 93.77 level. Much below 93.65/70, and it is the same story for USD/JPY.