FXStreet (Guatemala) - EUR/JPY is currently trading at 128.58 with a high of 128.78 and a low of 127.45.

EUR/JPY is riding the strength in the euro and is scoring new territory on the upside for this week, testing the resistance of last week's business and 9th April highs. 129.00 is in sight and will take the cross out of bearish territory, for the time being, if breached with conviction and with closes on the handle. On a full-on correction, to the upside, resistances come at the recent highs of 131.30 and 131.52 and the March 18 high at 131.67 and the February low at 132.00, as noted down by Karen Jones, chief analyst at Commerzbank. Interim resistance comes as the 20 day ma at 129.12.

EUR/JPY: Greek risk

However, fundamentally things can change around very fast with the continuos watch over the Greek debt situation, and while there are no headlines today, it is in the air and strong commitments to the rally may well fade through interim resistance while the Yen will benefit in a risk off scenario and open up the downside scenario again. A slide below 126.75 will re-target the 126.08 recent low and the 125.89 support line, as noted by Karen Jones. "Below here will trigger losses to the June 2013 low at 124.24 enroute to the 122.77/121.95 200 week moving average and 50% retracement."