FXStreet (Mumbai) - The sell-off in the EUR/JPY from the daily high of 128.49 appears to have stalled around 128.00 levels after the German IFO readings missed estimates. Weak equities support JPY The safe haven appeal of the Yen is back into play as the major European equities are trading weak. Hence, the EUR/JPY cross began surrendering its gains and fell to 128.00 levels. However, the risk-off also triggered carry unwind, which pushed the EUR/USD to new highs and ensured the cross stayed above 128.00 levels. So far, the weak IFO data has not had any major impact on the pair. If anything, the data could only add to risk-off tone in the equities and help safe haven currencies. EUR/JPY Technical Levels The immediate support is seen at 127.90-127.85 (10-DMA and 5-DMA), under which the cross could drop to 127.42 (Friday’s lower). A break lower would expose 127.00 levels. On the other hand, a break above 128.56 (Jan 19 high) could see the cross test 129.00 levels, which if taken out shall see the pair test supply at 129.67 (Nov 27 low). For more information, read our latest forex news.