the EUR/JPY is bouncing at the resistance trend line (red), which be part of a wave 1-2 (pink) pattern. The real test will take place once price approaches the support zone (blue) as a bearish break would invalidate the wave pattern whereas a bullish bounce could confirm the larger wave 5 of wave C (red).
The EUR/JPY could be testing the Fibonacci retracement levels of wave 2 vs 1 (pink). A bullish bounce at deeper Fibs would be typical for a wave 2 pattern. A bullish break above the resistance trend line (red) could confirm the bullish breakout.