It seems very likely the down trend in EUR/USD is bound to stay on course, Stronger US economy and continued QE from the ECB look like they are still in place to justify it. The cross USD/JPY looks like it may continue to remain range bound as it has been for several months, between 116 and 122, with 116 looking like its next likely target. A USD/JPY of 116 and a EUR/USD of 1.05, given both predictions are correct would give a EUR/JPY of 121.80 which might be extreme , but even if USD/JPY stays around 119 and EUR/USD continues further south, EUR/JPY also looks like it is headed below 130. Strengthening of the USD against EUR and retracement of USD/JPY would have a scissor effect on EUR/JPY.
Monthly chart on USD/JPY shows very overbought numbers on the DMI, with price currently very far from its Ichimoku cloud.

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