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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the downside pressure in the cross should be alleviated on a surpass of the 131.19/29 band.

Key Quotes

EUR/JPY is once again approaching the initial resistance at 131.19/29 (20 and 55 day ma) it needs to overcome this to alleviate immediate downside pressure. While capped here the market will remain offered. Below the March low at 128.96 targets the 127.57 August 2017 low and the 50% retracement at 126.18 50% retracement”.

“Above 131.29 lies tougher resistance offered by the 132.21 three month resistance line and the 133.48 recent April high”.