Recent price action and turn up from 129.00 on EUR/JPY can be an indication that corrective wave 2) is still in the making and can become more complex. We see a three-wave rally in first part of a bounce, followed by a three-wave drop, now current strong recovery can be another three wave structure, this time in wave Y which will ideally stop somewhere between 132.43-133.04. That said, a later drop below 129.98 level would suggest a bearish reversal.

EUR/JPY, 4h