FXStreet (Mumbai) - The uptick in the EUR/JPY pair ran out of steam as it neared 128.00 with pair now trading around its 5-DMA located at 127.85 levels. Trades below weekly 200-MA The cross closed below its 128.26 (weekly 200-MA) and continues to trade below the same today. The bid tone around the EUR strengthened after the European stocks fell into losses, helping the EUR/JPY cross recover from the daily low of 127.35. However, the stock markets in Europe have recovered from the daily lows to trade mixed. Hence, the EUR/JPY was rejected near 128.00. EUR/JPY Technical Levels The immediate support is 127.58 (previous day’s low) under which the pair could drop to 127.35 (daily low). A break lower would expose 126.78 (Jan 7 low). On the other hand, resistance is seen at 127.96 (10-DMA), which if taken out shall open doors for a rally to 128.41 (Jan 15 high). For more information, read our latest forex news.