EUR/JPY closed above its 200-day moving average yesterday and today it is being underpinned by a bullish cross in the 10 and 21 day moving averages. The move is not particularly noteworthy in that USD/JPY is nearly static and all the movements comes via the EUR/USD leg of the cross. That won’t likely be the case forever, so keep this one in mind. The techs are constructive and rising US and European bond yields should help support both the USD/JPY and EUR/JPY ahead. A trendline dating back to September of last year is a hindrance near-term; that comes in at 134.25 today.
