EUR/JPY's break of 133.19 minor support last week indicates that recovery from 131.56 should have completed at 135.68 already. Initial bias will be on the downside this week for 131.56 first. Break there will confirm that whole fall from 138.47 has resumed and should target 129.02 support next. On the upside, however, a break above 134.43 minor resistance will dampen this immediate bearish view and turn bias neutral again. Further break of 135.68/97 resistance zone will in turn suggest that fall from 138.47 has completed and turn bias to the upside for retesting this resistance.
In the bigger picture, note that there is no confirmation that corrective rebound from 112.10 has completed yet as long as 124.35 support holds. Price actions from 137.38 might still turn out to be consolidations to rise from 112.10 only and break above 139.21 would bring another medium term rise before concluding the rise from 112.10. Hence, we'd stay neutral for the moment. However, note that break of 129.02 will be the first indication that rise from 112.10 has completed and further break of 124.35 will confirm. In such case, the whole long term down trend from 169.96 could possibly be resuming and retest of 112.10 should be seen next.
In the long term picture, up trend from 88.96 (00 low) has completed at 169.96 and made a long term top there. Subsequent price actions are either developing into resumption of the multi decade down trend from 285.56, or wide range corrective pattern. In either case, upside should be limited well below 169.96 high and we're expecting at least one more medium term fall after the current rise from 112.10 completes. The final structure of the rebound from 112.10 will provide more indication on whether a test on 88.96 low would be seen.