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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross is expected to challenge the 200-day SMA and probably 131.98.

Key Quotes

EUR/JPY is poised to challenge the 200 day ma at 131.10. The market faces resistance that extends up to 131.98. This is the location of the 55 week ma and the July high. While it is possible that this will provoke some profit taking, Elliott wave counts suggest that dips should now hold at circa 129.70/00. A move above the July high at 131.98 would re-target the 133.48 April peak”.

“Below 127.85 would leave the market back on the defensive and suggest losses back to the 124.91 mid August low”.

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