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Analysts at Commerzbank explained that EUR/JPY rallied to and failed at its  200 day  ma at 131.88 last week and they suspect that this is just profit taking very near term.

Key Quotes:

“There is room for a slide back to the near term  up trend  at 129.33. While above here risks remain on the topside.”

“The market has recently broken above the daily cloud for the first time since February and we look for the 200 day ma and recent high at 131.87/98 to be eroded shortly.”

“We look for further gains to the 133.48 April peak. Dips are indicated to hold over 129.00.”

“The market stays bid above the 129.33 support line and only below here would negate the topside and re-target the 124.62 May low.”