Commodities are roaring, its springtime for the global economy, stocks are up to their highest levels in 18 months…and EUR/JPY is falling.
I can only surmise the market is so long of JPY crosses that they need a shake-out before moving higher. If USD/JPY and EUR/JPY can’t rise under these favorable circumstances, a test lower looks likely.
94.05 is critical support near-term for USD/JPY while 127.10 is important support for EUR/JPY.