Update 2: think tank report making rounds saying SNB cannot keep intervening in CHF.
Update: fresh round of euro weakness due to rumor that the ECB will recommend further unlimited Long-Term Refinancing Operations (liquidity providing) in a major dovish reversal. This is very EUR negative as is just more fuel for the currency debasement game.
Just as the EUR decoupled from risky assets two days ago, with the broader market dropping far more than the EURJPY pair suggested it should, so the opposite is occuring currently. The far too obvious trade, which in this market is apparently the right one, is the buy the EURJPY and sell stocks.