Today's ECB decision and comments by ECB President Draghi have helped give the EUR a lift. Looking at the daily chart of the EUR/JPY, we see an interesting development in that today's action has broken out of a short-term range, and it looks like the pair may have been putting in a bottom. A few technical factors include a bounce up off the 61.8% retracement of the full swing from November to late December. A second is that the daily RSI has turned after touching the 30 level which is seen as an oversold level. There are important resistance levels ahead including a pivot at 138.40 (50% retracement level) as well as 139.15. The pair's bears will be monitoring those levels for re-entry. ECB dynamics aside, there needs to be a focus on equities, which this week fell sharply, and then have moved sideways between Tue-Thur. The only real chance for a EUR/JPY rally would be if markets also put in a bottom.