You know the old saw: nature abhors a vacuum.

EUR/JPY is trying to fill the vacuum between Friday’s closing price and Monday’s opening price as the EUR fell on concerns over Ireland’s credit rating and on the health of European banks with big exposures to Eastern Europe. It has filled a portion of the vacuum up to 118.03 from 117.70. We still have a portion up to 118.33.

EUR/JPY is consolidating gains, now at 117.85.