Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen came under selling pressure during the American afternoon, erasing most of its early gains across the board triggered by demand of safe-havens on the back of the Brussels' terrorist attacks. Key Quotes: "The EUR/JPY pair recovered from a low set at 125.34 and trades near the daily high set at 126.26 at the beginning of the Asian session, on poor manufacturing data coming from Japan. Nevertheless, the market has been about sentiment ever since London opening, with the Japanese yen trading accordingly. The technical picture for the pair is short term positive, given that the price is currently consolidating above its 100 and 200 SMAs in the 1 hour chart, whilst the technical indicators have recovered above their mid-lines, although lacking directional strength. In the 4 hours chart, the price is above a bearish 200 SMA, currently around 125.75, while the technical indicators are heading slightly higher around their mid-lines, in a neutral-to-bullish stance." For more information, read our latest forex news.