Intraday bias in EUR/JPY remains on the downside for the moment and sustained trading below 113.54 support will indicate that whole rebound from 106.57 has indeed completed at 123.31 already. In such case, further fall should be seen to retest 106.57 low next. On the upside, break of 117.57 resistance is needed to signal bottoming. Otherwise, near term outlook will remain bearish for deeper fall.
In the bigger picture, the current development argues that medium term rebound from 105.42 has possibly finished with three waves up to 123.31. In other words, it's merely a correction pattern inside the down trend from 2008 high of 169.96. Sustained trading below 113.54 support will pave the way for a retest on 105.42 low first. On the upside, however, break of 123.31 will revive that case that down trend from 169.96 has indeed completed at 105.42 already and will turn outlook bullish again.