EUR/JPY edges lower to 132.55 earlier today before recovering. Break of 132.72 minor low suggests that fall from 139.21 is resuming and at this point, intraday bias remains mildly on the downside as long as 135.36 minor resistance holds. Further decline should be seen to medium term trend line support (now at 130.60) next. On the upside, above 135.36 will bring more consolidation first but risk remains on the downside as long as 138.27 resistance holds.
In the bigger picture, recent price actions are treated as consolidation in the down trend from 08 high of 169.96 only. Considering bearish divergence condition in daily MACD and RSI, the rise from 112.21 might have completed at 139.21 already. Break of trend line support (now at 130.60) will add much credence to this case and turn focus to 124.35 support for confirmation. But before that, rise from 112.21 might still extend further to 141.03/147.85 resistance zone (50% and 61.8% retracement of 169.96 to 112.10) before completion.