FXStreet (Mumbai) - The offered tone around JPY gathered pace in early Europe, pushing the EUR/JPY cross above its hourly 200-MA located at 128.01 levels. JPY under pressure as equities rally The safe haven Japanese Yen came under pressure as the uptick in the Asian equities stabilized the risk sentiment, resulting in a 1% gain in the Euro Stoxx 50 futures. On similar lines, the EUR is under pressure as well. However, the uptick in the USD/JPY is sharp, hence the EUR/JPY cross jumped above the hourly 200-MA. As of now, the pair is trading around 128.13. EUR/JPY Technical Levels The immediate support is located at 128.01 (hourly 200-MA), under which the cross could drop to 127.35 (previous day’s low). On the other hand, a break above 128.41 (Jan 15 high) would open doors for a rally to 128.75 (Jan 14 high). For more information, read our latest forex news.