The last two weeks EUR/JPY tested a key level support (green trend line), which is the long-term broken trend line (2008-2021). We bounced from there with the rise in bond yields and a move to all-time highs in many risk assets (SPX, etc.). Since the SPX closed at new all-time highs, the risk is that EUR/JPY extends its gains towards the 131.09 Fibonacci retracement, which is the 61.8% level, and also horizontal resistance from the highs on July 14. This is also a descending channel resistance as well.