In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross remains offered below 125.78. Key Quotes “EUR/JPY has reversed just ahead of 121.90, the 50% retracement of the move from 2012”. “Initial resistance is the accelerated downtrend at 125.78 and the market will stay directly offered below here”. “We do have 13 counts on the intraday charts and we are not surprised to see 121.90 to hold the initial test”. For more information, read our latest forex news.