EUR/JPY can be trading at the start of a three-wave pullback which we see it unfolding within wave four. Current intra-day rally can be leg a) of iv which can see resistance near 130.50 area, and make a drop into wave b). The whole corrective recovery can later see limited upside near the lower base channel line and near the former swing high at 130.80 level.

EUR/JPY, 30Min