114.75 is the daily high that most technical traders are eyeing as a break above there should relieve the downside pressure and see prices move higher towards the 200-day MA at 118.25. There has also been a 15/100-day MA bullish crossover which often leads to momentum funds and CTAs buying.
Dealers expect the BOJ to draw a line in the sand at 83.00 in USD/JPY and this is also encouraging short-covering in EUR/JPY.
