The last two weeks the EURJPY tested a key level support (green trend line) which is the long term broken trend line (2008-2021) and we bounced from there as the rise in bond yields and a move to all time highs in many risk assets (SPX, etc.). Since the SPX closed at new all time highs, the risk is that the EURJPY extends its gains towards the 131.09 Fibonacci retracement which is the 61.8% level, and also horizontal resistance from the highs on the 14th of July. This is also a descending channel resistance as well.

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