EUR/JPY has come under pressure, 131.25/28 caps, targets 128.96 - Commerzbank

Analysts at Commerzbank explained that EUR/JPY has come under pressure and looks to be back on the defensive. 

Key Quotes:

"Rallies have been unable to clear initial resistance at 131.25/28 (20 and 55 day ma) and while capped here the market will remain offered."

"Below the March low at 128.96 targets the 127.57 August 2017 low and the 50% retracement at 126.18 50% retracement."

"Where are we wrong near term? Above 131.28 lies tougher resistance offered by the 132.28 three month resistance line and the 133.48 recent April high."