At this point, intraday bias in EUR/JPY remains on the downside with 117.57 minor resistance intact and current fall could extend through 100% projection of 123.31 to 116.46 from 121.82 at 114.97, 50% retracement of 106.57 to 123.31 at 114.94. Nevertheless, focus will remain on 113.54. Decisive break there will indicate that whole rebound from 106.57 has completed at 123.31 already and will bring deeper fall to retest this low next. On the upside, above 117.57 minor resistance will turn bias neutral. Further break of 121.82 will indicate that rebound from 106.57 has resumed for another high above 123.31.
In the bigger picture, as long as 1113.54 support holds, we'd still slightly favor the bullish case that EUR/JPY has bottomed out in the longer term at 105.42 already. A break of 123.31 should pave the way to 139.21 resistance (which is close to 50% retracement of 169.96 to 105.42 at 137.69) to confirm completion of whole down trend from 2008 high of 169.96. However, break of 105.42 will invalidate this bullish case and indicate that down trend from 169.96 is still in progress for another low below 105.42 before reversal.