As I said earlier, I’m very bullish on the medium term for this pair but the short term outlook is moderately bearish and we look set for at least a test of hourly lows around 129.80. Below there and the next level of support is a 61.8% retracement at 128.85. I am waiting for an hourly low to form at a decent support level before I start building a long position. EUR/JPY is currently trading at 130.40.