Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the upside in the pair could struggle around 128.65. Key Quotes “EUR/JPY have sold off to the 126.17 recent low. This has been a spike lower and we look for this to hold the initial test”. “The intraday Elliott wave count is suggesting that the market will struggle on moves to 128.65”. For more information, read our latest forex news.