In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross could remain well supported around 125.40/00. Key Quotes “EUR/JPY has pulled back from the 50% retracement at 127.27”. “The intraday Elliott wave count remains positive and for now we will look for dips to hold 125.40/00 and allow for gains to the 128.16, the February 16 high”. “We look for further gains towards key resistance which is the 130.25 2014-16 downtrend line. Only a close above here would negate recent downside pressure”. For more information, read our latest forex news.