A slightly less nervous market is helping lift equities around the globe and in turn EUR/JPY and the other JPY crosses. Dealers warn of strong sell orders at 101.50 at the moment, perhaps from exporters who have been caught under-hedged as USD/JPY gapped lower earlier this week. Having seen the greenback trade on a 98-handle a day or two ago, these guys are probably relieved to let a few go on at 101.50 level.