Technical outlook and chart setups:

The EUR/JPY pair might still be looking to drop to the 135.00/50 levels at least before turning bullish again. As depicted here, the trade cycle that began from the 133.20 levels seem to be completed at the 136.70/80 levels, and a pullback could take place before rally continues. It is hence recommended to remain flat for now and look to enter on a bounce around the 135.00 levels. Immediate support is seen at the 135.00 levels followed by 134.50, 133.00 and lower, while resistance is seen at the 137.00 levels and higher. Bulls should remain in control until prices stay above the 133.00 levels.

Trading recommendations:

Remain flat for now.

Good luck!