EUR/JPY is still staying in tight range above 106.49 temporary low and intraday bias remains neutral. On the downside, below 106.49 will extend the fall from 111.57. Further break of 104.75 will indicate that rebound from 100.74 is finished and the larger down trend is likely resuming for another low below 100.74. On the upside, above 109.24 will flip bias back to the upside for 111.93 cluster resistance to extend the corrective rebound from 100.74.
In the bigger picture, while the rebound from 100.74 was strong, there is no signal of completion of down trend from 2008 high of 169.96 yet. Also such rebound is so far corrective looking and affirm the medium term bearish case. We'd continue to favor more downside in EUR/JPY for an eventual break of 100 psychological level towards 100% projection of 139.21 to 105.42 from 123.31 at 89.52, which is close to 88.96 all time low. However, sustained break of 55 weeks EMA (now at 112.25) will raise the odd of trend reversal and will turn focus back to 123.31 resistance for confirmation.