Based on Elliott wave analysis, I expect price action to move sideways and then rise up. Market is most likely going to print a Bullish Flat or Triangle pattern. In both cases, price is going to move up in coming trading days towards 121.85 price level.
So, a good idea is to wait for a bullish break out in price action and then go long. However; if price of EUR/JPY currency pair falls below 119.91 support level then up trend is going to fail. In such case, I would prefer to stay out of the market and re-analyze the price action in EUR/JPY currency pair in 4 hours chart.