Axel Rudolph, Senior Technical Analyst at Commerzbank, sees the cross heading towards the 127.71/128.16 band. Key Quotes “EUR/JPY is accelerating higher and targets the 127.71/128.16 resistance area. It consists of the 55 day moving average and the February 16 high”. “We look for further gains towards key resistance which is the 130.76 2015-16 downtrend line. Only above here would negate recent downside pressure”. “Only below the 122.08 current March low would see further downside targets engaged to the 120.00 region, then 115.30”. For more information, read our latest forex news.