Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair traded uneventfully around the 127.00 level for most of these past few sessions. Key Quotes: "Both the EUR and the JPY, weakened against the greenback. Nevertheless, the yen maintains its background strength, as despite a strong improvement in markets' mood ever since the European opening, the Japanese currency barely eased. Technically, and for the short term, the 1 hour chart for the EUR/JPY shows that the price remained capped by its 100 SMA, currently around 127.30, while the technical indicators stand flat in neutral territory. In the 4 hours chart, the price remains well below its moving averages, while the technical indicators have turned slightly lower right below their mid-lines, lacking strength, but maintaining the risk towards the downside." For more information, read our latest forex news.