Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, sees the cross heading towards the 119.90 area in the near term.

“EUR/JPY is side lined just above the 2019 uptrend line at 121.37 and the 120.79 June low, near term rebounds remain tepid at best. It should eventually fail here and then head to the 119.91 78.6% Fibonacci retracement. This is the last defence for the 117.85 January spike low. Resistance is offered by the 123.34/75 May 21, June and current July highs. This resistance area maintains an overall negative bias and protects 125.52, the 78.6% retracement and the 200 day ma at 125.41”.