It's because of the cross rates between Eur/jpy, eur/usd, aud/usd, aud/jpy and all other x/jpy pairs. When risk is up, aud gets outbought as compared to the eur. In turn, aud/jpy eur/jpy, gbp/jpy etc. gets bought thus driving down the jpy and up eur/jpy while aud outpaces the eur, thus a drop in eur/aud while there is a rise in eur/jpy. Its similar to when eur/usd is going up while usd/jpy goes up. Confusing explanation I know, but I hope it makes some sense.
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