In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the door remains open for a test of 128.16. Key Quotes “EUR/JPY’s spike lower yesterday was short lived and held the short term uptrend at 124.72 and the 20 day ma continues to hold on a closing basis, keeping our positive bias intact”. “It continues to consolidate below the 50% retracement at 127.27. The intraday Elliott wave count remains positive and for now we will look for gains to the 128.16, the February 16 high”. “We look for further gains towards key resistance which is the 129.65 2014-16 downtrend line. Only a close above here would negate recent downside pressure”. For more information, read our latest forex news.