The EUR/JPY pair popped after Draghi played down the need to cut rates further, but failed to chew through offers around April 2015 low of 126.09 levels. Trades 0.60% higher on the day The cross is still up 0.60% on the day. This is despite a big bazooka announced by the European Central Bank (ECB). Moreover, markets chose to send the EUR higher after Draghi said negative rates cannot go as low as we want, while stating he does not see need to cut rates further as of now. The pair now trades around 125.80 and is looking to make another attempt to chew through offers around 126.09 levels. EUR/JPY Technical Levels The immediate hurdle is seen at 126.09 (Apr 2015 low), above which the cross could test 127.35 (50-DMA). On the other hand, a break below 125.00 (Feb 26 high + zero figure) could send prices lower to 123.65 (daily low). For more information, read our latest forex news.