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EUR/JPY earlier broke over Y117.20/25 resistance and its 55-day moving average at Y117.40 as well as the May 6 peak at Y117.58, to post a new 3-week high around Y117.80, before retreating. The 100-day (around Y115.30 today) is the initial support. Soc Gen technical analysts say that the cross will need to see a clear cut break above the declining resistance line, which comes in at Y119.20 today before the focus will be turned to the April high of Y123.35. Cross
holds currently at Y117.03.
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