FXStreet (Guatemala) - EUR/JPY is currently trading at 132.81 with a high of 133.53 and a low of 132.70. EUR/JPY is breaking down with a stronger greenback and EUR/USD flows taking charge of the cross although potentially limited should USD/JPY manage a score and a close through R3 120/80 and onto the 122 handle. EUR/JPY will also be subject to the stock markets performances around the Fed, while interest rates on the rise could be a concern in the US stock market and also the EM's which could start to favour the Yen and the downside in the cross. Meanwhile, we await tomorrow's outcome and today's US CPI's offer a final input to tomorrow's FOMC meeting with a bias for lift-off. EUR/JPY levels Technically, the downside target in the short term is where the 200 and 100 SMAs are meeting on the 4hr chart at 131.97/01. This is a significant area of support and Karen Jones, chief analyst at Commerzbank suggested also, "Intraday dips are indicated to terminate circa 132.44. Below here, dips lower should find some support circa the 131.96 20 day ma. Below here will see the 129.67/28 zone retargeted (recent low and Fibo)." For more information, read our latest forex news.