EUR/JPY's fall from 131.03 is still in progress and extends further to as low as 118..05 and at this point, intraday bias remains on the downside as long as 120.90 minor resistance holds. As discussed before, consolidation from 113.63 could have completed at 131.03 already. Further fall is now expected to 115.88 support and break will add much credence to this case and bring retest of 113.63 low. On the upside, above 120.90 will turn intraday outlook neutral first but recovery should be limited below 125.19 resistance and bring another fall.

In the bigger picture, whole decline from 169.96 is expected to develop into a five wave sequence, with first wave completed at 147.03, second at 156.84, third at 113.63. Price actions from 113.63 is treated as the fourth wave consolidation and might have completed at 131.03 already. Break of 115.88 support will add much credence to the case that down trend from 169.96 is resuming for 76.4% retracement of 88.97 to 169.96 at 108.08. On the upside, while another rise cannot be ruled out for the moment. Upside is expected to be limited below 141.73 cluster resistance (50% retracement of 169.96 to 113.63 at 141.79) and bring down trend resumption.