Technical outlook and chart setups:

The EUR/JPY pair dropped lower to 129.00 as seen here on the 4H chart. The pair seems to have its correction at these levels completed and a bullish bounce is expected from here. The fibonacci 0.786 support level of the recent rally (not shown here), might provide the required bounce at the current levels. Immediate support is seen at 128.00 followed by 127.00 and lower. Resistance is seen at 131.50 followed by 133.00 and higher respectively. Bulls are likely to remain in control untill prices stay above 128.00.

Trading recommendations:

Remain long, stop at 128.00, target is open.

Good luck!