The Euro as not changed much against the USD and it is still traded around 1.30-1.31. The Yen, on the other hand, broke under the support of 78.0 against the USD and it was strengthening a bit. Therefore, the momentum of the pair EUR/JPY is with the Japanese Yen.
Nevertheless, it is obvious to see on the pair's daily chart that the trend is bearish. The pair reached the support at 101 and corrected from there, until it hit the 20 EMA and made a bearish reversal pattern under it. A break-down of the support at 101.7 will complete the inverted "cup & handle" pattern at 101 and additional break-down this support might take the pair under the psychological number of 100.
The Yen got stronger against the USD on the last day of 2011 and the pair EUR/JPY broke the inverted "cup &handle" pattern at 101. The next support is at 99.0 and it might continue sliding towards 95 if it breaks this support.