Commentary of the EUR/JPY parity :

As expected, the parity found support on 121.50 and is currently making a new highest towards 122.50. All indicators are still bearish. We maintain to trade only short positions as far as the price is below the resistance at 123. A break out of 121.50 will offer a new sell signal.

See the previous analysis of the EUR/JPY parity of March 22, 2010