Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair could re-test 129.65. Key Quotes “EUR/JPY has eroded the 50% retracement at 127.27”. “The intraday Elliott wave count remains positive and the market has already reached the 128.16, the February 16 high and holds scope for 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.