EUR/JPY set for more upside movements to come over the remaining part of this week. It’s a close call, but in terms of magnitude and sheer speed of movement, the USD/JPY resurgence from 105.77 at one stage last Friday to circa 104.54 (and counting) so far today is perhaps most eye-catching, especially when set against the Nikkei’s potenital ongoing rally and close just above 29.5k. However, from a chart perspective alone, the 2nd successive close below the DMA (now 105.54) was bearish for USD/JPY and the loss of 105.00+ status would have tripped stops set by short term longs and intraday jobbers looking for a rebound. Similarly, the Euro has managed to sustain momentum through 1.2050 and 1.2100 to surpass the 21 DMA just beyond the round number to expose 1.2150 and the 50 DMA around 1.2156, while the Franc has rebounded from sub-0.9000 to 0.8950+. I am now looking for over 200 pips north towards 129.00. Let's see how much bullish pressure will come from BOJ's offer to buy JPY 400bln in 1yr-3yr JGBs.