EUR/JPY - Is bearish MA cross capping the upside?

• EUR/JPY upside being capped due to 5-day MA and 100-day MA bearish crossover. 
• Cross is not impressed by 400 point rally in Dow. 

EUR/JPY is mildly bid in Asia but is having a tough time holding on to gains above the 133.59 (100-day moving average). 

The daily chart shows a bearish crossover (short-term average cuts long-term average from above) between the 5-day MA and 100-day MA. The bear cross was last seen in March 2017 and was followed by a 600-pip sell-off. 

Also, the struggle to see convincing gains above the 100-day MA shows the JPY bears are not impressed by the 400 point rally in the Dow index. However, the EUR/JPY one-month 25 delta risk reversals gauge does show a slight drop in the premium claimed by EUR puts over EUR calls (i.e. slight drop in demand for EUR puts - bearish bets). 

Looking ahead, the cross remains at the mercy of the sentiment in the equity markets, given the light Eurozone data calendar. 

EUR/JPY Technical Levels

The pair was last seen trading around 133.62 levels. A break below 133.43 (session low) would open up downside towards 132.90 (previous day's low) and 131.98 (Friday's doji candle low). On the other hand, a move above 134.13 (Jan. 30 low) could yield a rally to 134.57 (50-day MA) and 134.77 (10-day MA).