EUR/JPY's recovery from 131.71 continues in early US session. With an intraday low in place at 131.70, more recovery could be seen. However, upside is expected to be limited by 134.80 resistance and bring fall resumption. As mentioned before, below 131.41 support will have EUR/JPY sustained below medium term trend line, and will add much credence to the case that EUR/JPY has topped out at 139.21 already. Deeper decline should then be seen targeting 124.35 support next in such case.

In the bigger picture, rise from 112.10 is treated as part of the consolidation in the larger down trend form 08 high of 169.96 only. Considering bearish divergence condition in daily MACD and RSI, such rise is tentatively treated as completed at 139.21 already. Sustained break of mentioned trend line support from 112.10 will add much credence to this case. Further break of 124.35 will confirm and bring retest of 112.10 low next. Meanwhile, note that another rise cannot be ruled out for the moment since EUR/JPY is still holding above the medium term trend line. But even in case of up trend resumption, upside should be limited by resistance zone of 50% retracement of 169.96 to 112.10 at 141.03 and 61.8% retracement at 147.85 and finally bring reversal.