Karen Jones, Head of FICC Technical Analysis at Commerbank, sees the cross attempting to re-test 128.16. Key Quotes “EUR/JPY is poised to retest 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 and 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.