EUR/JPY headed towards 130.70 key fibo?

Currently, EUR/JPY is trading at 128.49, down -0.26% on the day, having posted a daily high at 129.00 and low at 128.03.

Fundamentals remain a medium-term headwind for JPY - Scotiabank

EUR/JPY picked up a bid overnight in the European session. The move off the lows was supported by leveraged names fading a euro-yen drop near 128.00 support, traders in Europe said according to Vassilis Karamanis in Athens, Bloomberg. EUR/JPY has since moved into a consolidation period with a lack of catalysts during 4th July holiday and now turns to Japanese and Chinese markit services PMI's in Asia ahead of European PMI's. 

EUR/JPY levels

Analysts at Commerzbank explained that EUR/JPY is neutral to positive and the market is approaching its initial target of 129.55/130.71 50% retracement and the 200 week ma, and we would allow for this to hold the initial test. "Dips lower should find that the previous May high offers initial support at 125.80. It stays bid above the 124.68 uptrend. Above 130.70 targets 134.32/61.8% of the move down from 2014. Where are we wrong near term? The uptrend guards at 122.56/40, the 18th May low and the recent low."