The gossip is that a major EUR/JPY transaction is going through the market at present, it started yesterday and could be ongoing for quite a while. The talk is that a large long-term speculative position is being exited. So far the market hasn’t reacted too much, after all EUR/JPY is only about 75 pips lower than yesterdays’ opening levels. If we see some sharp moves in coming days then we can start believing that there could be fire behind the smoke. (By the way, I’m probably a bit late on this as it was first mentioned yesterday during late European trade).
From a technical perspective, support at 102.15 has held nicely but a break below there could trigger more selling.