Overall, EUR/JPY is trending upwards. Recently, EUR/JPY strengthened into the resistance zone of 129.500 before weakening as a result of the surge in treasury yields that led to the strengthening of the USD.
The Japanese retail sales y/y data (Actual: -2.4%, Forecast: -2.6%, Previous: -0.2% revised from -0.3%) released earlier today indicated a further decline in consumer spending.
Currently, EUR/JPY is testing to break below the key level of 129. Its next support zone is at 127.150 and the next resistance zone is at 129.500.
Look for short-term selling opportunities of EUR/JPY if it breaks below the key level of 129.
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