EUR/JPY has broken below the important support at 121.69 (a low has been seen at 121.66). The break below 121.69 does open a window for a decline all the way to the 117.37 - 117.99 area before the corrective low is finally in place. That said, we are seeing a clear loss of momentum which could mean that at least a reaction will be seen soon for a rally to 123.32 and maybe even higher to 124.60 before the final decline.
It will take a break above 126.47 to confirm that an important low is in place.
We are long in EUR from 122.85 with stop placed at 121.65.