Let's pull up the EUR/JPY hourly chart.
The trend has been down for a while and it looks like the bearish trend has more potential downwards push to it in the longer term.
Look for more bearish movement as we head into the European and New York sessions, as we also have Trichet speaking near the open of the European markets. Look for a potential price area of 105.50 - 105.00.
After we see the downward action complete, look for a move up to complete the retracement and then a continuation of the bearish trend in the longer term.
I know all this can get confusing so please refer to the chart for more information.
Good luck with trading today and enjoy your weekend.