135.500 is a Key level, break above=bullish, hold below=bearish. On the fundamental side of things its a battle of the printers with the ECB recently announcing over 1 trillion euros of new stimulus and the BOJ continuing to at record levels. Also a lot of headline risk with a possible Grexit on the horizon. Ultimately I believe the Euro will trend higher against the Yen but for now we will have to wait and see. Happy Trading !