On Friday, the EURJPY cross was trading 0.25% stronger, testing the 125 psychological level.
The euro managed to climb above previous lows near 124.50, which changed the outlook to bullish again. If the single currency rises above 125.0, this outlook would be confirmed.
The next target for bulls could be at 126.00 or possibly at the current cycle highs near 127.00.
As previously said, many times, monetary and fiscal stimulus are driving stocks higher, despite more lockdowns in the EU and other parts of the world. Basically, the global economy will be in a depression for many months, but stock indices will be up 10% each month.
That would most likely drive the JPY crosses higher since there is usually a strong correlation between JPY and US stocks.
Alternatively, the support is at 124.50, and if not held, the bearish scenario could take the euro down to 124.