EURJPY - Biggest Yen short covering underway

CFTC data shows YEN bears were at extremes a few weeks back. They have started to unwind their positions and thus accelerating Yen's upside.
Nikkei225 which is in close inverse-correlation with YEN is tracking lower too.

We expect market participants to continue unwinding YEN shorts from over -12bn short to -7.5bn, which would transcend into a 2-3 handle move in EURJPY.
Euro bears are currently out in full force and have no reason of squaring positions.