The EUR/JPY is at an important crossroads. After rallying into the end of the year, the pair has fallen back, probing the area below 142. However, after falling below the 142 pivot the pair has recovered, and put in a bit of an inverse head and shoulders in the shorter timeframe. Overnight the EUR managed to clear resistance around 142.80, but was unable to hold it in the short term. So, here's the key question. Is the recent action a bottom to the short term decline, with the pair ready to make a move back above 143, and make a run towards 144.40?Or, is this simply a break and retrace of the downswing that will be followed by a sustained move through the 142 handle, towards the lows set in mid-December at 141?The answer should be provided in today's session.