Commentary of the EUR/JPY parity :

The parity is currently testing for the second time the support at 121.50. Indicators are globaly bearish. We maintain to trade only short positions as far as the price is below 123 (resistance). A break out of 121.50 will offer a new sell signal and will comfort our bearish feeling on the parity.

See the previous analysis of the EUR/JPY parity of March 23, 2010