In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, pullbacks in the cross could remain well supported around 125.40/00. Key Quotes “EUR/JPY no change, we continue to favour recovery. It continues to consolidate below the 50% retracement at 127.27”. “The intraday Elliott wave count remains positive and for now we will look for dips to hold in the 125.40/00 region and allow for gains to the 128.16, the February 16 high”. “We look for further gains towards key resistance which is the 129.65 2014-16 downtrend line. Only a close above here would negate recent downside pressure”. For more information, read our latest forex news.