EUR/JPY dropped further to 123.31 last week and the development suggests that it’s now correcting whole rise from 114.42. As a temporary low was formed at 123.31, initial bias is neutral this week first. Upside of recovery should be limited by 125.01 minor resistance to bring another decline. On the downside, break of 123.31 will target 38.2% retracement of 114.42 to 127.07 at 122.23. Nevertheless, break of 125.01 will turn bias back to the upside for retesting 127.07 high.
In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.49 (2018 high). This will remain the preferred case for now, as long as 119.31 support holds.
In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Another rising leg could have started for 137.49 resistance.