EUR/JPY has suffered in the wake of the US employment report as risk aversion rises amid signs of a long deep recession continue to build. 123.65 support was penetrated briefly and is providing a bit of support at the moment. if it gives way on a sustained basis, look for 122.60 as the next downside target. That level has not been seen since the 12th of December.
Also supporting the yen today is the realization that Japanese exports continue to decline rapidly. Those figures could prompt further action from the Ministry of Finance to try and weaken the JPY to keep the export-dependent Japanese economy afloat.