EUR/JPY's fall accelerates in early US session and reaches as low as 135.70 so far. Note that a break of 135.28 support will argue that a short term top is formed, with mild bearish divergence conditions in 4 hours MACD and RSI. In such case, deeper decline should be seen to test medium term trend line support (now at 130.37). But before that, another rise cannot be ruled out. Above 139.21 will target 50% retracement of 169.96 to 112.10 at 141.03 next.

In the bigger picture, recent price actions are treated as consolidation in the down trend from 08 high of 169.96 only. With trend line support form 112.10 intact, rise from there is still in progress and could extend further to resistance zone of 50% retracement of 169.96 to 112.10 at 141.03 and 61.8% retracement at 147.85 before completing the correction. On the downside, however, a break below trend line support at 130.26 will be the first signal that whole rise from 112.10 has topped out and will turn focus back to 124.35 support for confirmation.