In the past 6 trading days since the EURJPY hit a low of 137.377 on January 3rd, it has increased five times. This equates to a rise of 544 pips.
The cost soared to 142.85, nearly matching the 100-day moving average of 143.026. Furthermore, this price peak also came close to the December 28 peak of 142.926. Breaking through both of those levels, in addition to the 61.8% retracement of 143.15, could give buyers more assurance.
The downside to this is that the pair has returned to a fairly limited range between 142.286 and 142.487. Additionally, the midpoint of the range between the December 15 high of 142.048 is another downside marker to watch should there be further selling pressure. A move beneath this midpoint level would suggest that the sellers are gaining confidence.
