I favour a test of the lower end of the EUR/JPY pennant formation which comes in around 122.00. In order for this to happen, either EUR/USD will need to break strong technical and market support at 1.3250/60 or else USD/JPY will need to fall back toward recent support levels at .9225.
At this moment in time, with the USD now looking quite strong, a break lower in EUR/USD looks to be the more likely outcome.