EUR/JPY is correlated with EUR/USD so the same currently bullish view applies to both.
It has broken its downtrend channel on Daily, same situation as on EUR/USD.
We will take a look on the Daily and H4 timeframes to identify our long setups.
The price has broken above its downtrend channel and is now testing the 103.40 resistance, while holding above both its SMAs - the 200 period SMA being recently broken.
A Reverse Head and Shoulders formation is nearing completion, as evidentiated on the chart.
Buy only after a retrace and consolidation lower but above the broken channel,with a stop loss inside the channel and a target at 107.15.
On H4, we are located inside a uptrend channel and the price has recently breached the 99.80-102.87 range and consolidated above it.
Buy above 103.40 (Daily resistance) with a stop loss slightly inside the range and a target at 105.00.