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EUR/JPY probed the 130.66/68 recent highs again but was unable to close above that area. Therefore, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, turns the focus to the 129.40 uptrend.

EUR/JPY’s spike higher failed

“EUR/JPY popped through the mid-March high at 130.66, BUT we have again failed to CLOSE above here and the RSI continues to diverge. This looks like a failure to break higher and attention reverts to the uptrend at 129.40.”  

“The uptrend guards the current March lows at 128.37/20 and also at the January high at 127.50.”