The EUR/JPY currency pair, which expresses the value of the euro in terms of the Japanese yen, tends to correlate positively with risk sentiment in global markets.
This is because, generally speaking, European equities (and other assets; notably bonds) have been attractive to international investors (by performance). The chart below, for example, shows the DAX stock market index using monthly candlesticks. The index has risen almost 70% from the heights of 2007 (prior to the crash through 2008 and 2009), and by about 280% from the lows found in 2009.
(Chart created by the author