The slide in the Nikkei after some early gains is weighing on risk trades and fresh longs in the JPY-pairings are getting a little nervous with the hoped-for 2nd wave of intervention not materialising. The 100-day MA capped the EUR/JPY and it has fallen now almost 100 pips on the session.
There are reports of some bids close by at 1.2970 in the EUR/USD which may stall the falls there.
