FXStreet (Mumbai) - The EUR/JPY cross extends its vertical rise in the European morning, having broken the Asian consolidation box seen around 128 handle. EUR/JPY trims gains near 128.50 Currently, the EUR/JPY pair trades 0.39% higher at 128.52, retracing from fresh four-day highs of 128.69. The cross in the EUR/JPY caught a fresh bid tone over the last hours after the EUR/USD pair jumped 50-pips following the comments from the ECB policymakers cross wires noting that they don’t see need for easing in near-term. While on the JPY side, the ongoing weakness in the yen versus the US dollar also support the upbeat sentiment around EUR/JPY. Meanwhile USD/JPY trades 0.20% to 117.90, unable to resist the 118 handle. EUR/JPY Technical Levels To the upside, the next resistance lies at 129/129.03 (psychological levels & Jan 8 high), above which it could extend gains to 129.50/88 (Jan 5 High/ 20-DMA). To the downside, the cross finds immediate support at 127.93/76 (1h 50-SMA/ daily low), below that 127.43/40 (daily R1/ Jan 12 Low), could act as a major support. For more information, read our latest forex news.