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The cross could still test 133.00 and beyond as long as it trades above the 200-day SMA at 131.09, suggested Axel Rudolph, Senior Analyst at Commerzbank.

Key Quotes

“Yesterday EUR/JPY dropped to the July peak at 131.99 before recovering”.

“While remaining above the 200 day moving average at 131.09 a rise towards the 133.13/48 April and current September highs should be seen. Above it lies the 135.24 1979-2018 downtrend line. Still further up sit the 137.51 2018 high and the 138.02 2008-2018 resistance line”.

“We have a support line at 129.51 and while above here the cross is deemed to be bid”.