We had a massive selloff on this pair on Thursday after the ECB's dovish statements. Bulls have since attempted a relief rally but the upside is capped by the 20MAV on the Daily timeframe at 128.55
As can be seen above on the hourly timeframe, the pair has formed a nice bear flag that should break downwards fairly soon. With trade war tensions on the rise once more, the Yen looks to strengthen on risk aversion.