Trend is bearish in four hours chart. Critical resistance is present at 118.44 price level. The price of EUR/JPY currency pair has moved up and it looks like we are getting a bearish Double Zig Zag Corrective Elliott wave pattern.
As the trend is still down so, it is a good idea to look for a sell trade and join the down trend. However; if market close a bullish candlestick above 118.44 resistance area then bearish trend will end. In such case, I will stop myself from trading and re-analyze the price chart of EUR/JPY currency pair.
See the attached screen shot image of EUR/JPY 4 hours chart.