The EUR/JPY currency pair will be into an uptrend in the medium long term, after the bottom has been confirmed below 122. According to the daily chart, the stochastic oscillator indicates also an uptrend. The target may be 130.18 (Fibo 0.50) in the medium long term. The confirmation of uptrend for this currency pair may be when the price reaches 125.70 (EMA 50).
According to the 8 hour chart, a small retracement is possible below Fibo 0.76 (124.75) in the next days. If the price doesn’t hit 124.75, another confirmation of uptrend on the 8 hour chart may be at EMA 200 (126.63). The target in this case will be 128.15 (Fibo 0.50).