The EUR/JPY pair backed-off from the 32-month low of 125.77 to trade around the previous cyclical low of 126.16 (Jan 21 low). Awaits US opening bell The traders now await the reaction in the US stocks following the rout in the European banking shares. The focus would also be on the second day of Yellen testimony, although markets do not expect the Fed chair to change her non-committal stance. The safe haven Yen remains at the mercy of the action in the US stocks. The weekly initial jobless claims release in the US may not have much say if the US index futures point to serious risk-off ahead. EUR/JPY Technical Levels The immediate resistance is seen at 126.78 (Jan 7 low), above which the cross could target 127.48 (Jan 12 low). On the other hand, a breakdown of the immediate support at 125.77 (daily low) would a major support at 123.32 (Apr 2011 high). For more information, read our latest forex news.