EUR/JPY: Interbank market happy to sell rallies

The traders I’ve spoken with this morning disagree with my assessment of EUR/JPY. They are happy to sell rallies as they expect that corporate Japan will need buy more Yen as they approach the end of their fiscal half-year. Initial resistance is at the previous major low near 106.25. Momentum is mildly bearish this morning with the cross trading at 105.40 from 105.55 at the NY close.