Technical outlook and chart setups:
The EUR/JPY pair is trading around 127.60 now, after hitting the level of 128.00 today. The pair has faced initial resistance at 128.00, which is also Fibonacci 0.382 retracement of a drop between the levels of 131.70 and 125.75. The pair might hit interim highs today and push lower from here. Immediate interim resistance is seen at 128.00, while resistance is at 126.30 followed by 125.75. It is hence recommended to initiate short positions with risk at the levels of 128.50. The pair is expected to head towards lower lows.
Remain short, stop is at 128.50, a target is below 125.00.