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The cross stays capped by the initial resistance level at 131.38 for the time being, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/JPY recently charted new lows for the year. It remains capped by the initial resistance at 131.38, the 14th May high and while below here it maintains immediate downside pressure. Initial target is the 127.57 August 2017 low and the 50% retracement at 126.18 50% retracement”.

“Above 131.38 lies tougher resistance offered by the 131.92 three month resistance line and the 133.48 recent April high”.