On the 4h chart, we can see that the price is being held by this short-term downwards moving that started on the 3rd of February. The potential is still more to the downside and a close of the 4h candle below the 131.270 could indicate that there is some more selling to come in. The is currently at the 41 mark and the is below 0. Both are signs, that could potentially provide us with an indication for today’s direction in EUR/JPY .
On the upside, if we start seeing a move back above the 131.800 area, then, first, the pair could test the mentioned above downwards moving and if it does not hold, second, a break of it would take the price above the 132 area, which opens the path towards the 133 mark.