EUR/JPY traded to 132.50 overnight but the selling was fairly intense initially around 132.00 and the selling seems to be equally intense around 132.50. These look like the initial short term parameters although we are likely to see more bids on dips back towards yesterdays’ break-up level of 131.00, should we see a short-term sell off in Tokyo (which would not be a surprise). The main technical target on the topside is 134.25, the 38.2% retracement of the big downmove to 112.