FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggested EUR/JPY risks a probable move to 123.87.

“EUR/JPY saw a strong bounce higher from the October and November highs at 125.13/09. The bounce from here has reached the 55 day ma and should now start to struggle. Failure at 125.09 targets the 61.8% retracement at 123.87 and the 7 month uptrend at 123.10 and the November 19 low at 122.85.”