When we are hovering near lows and have not cracked down, with major news coming, it usually signals that too many traders are short.
We exited our short positions with a nice 20 pip profit, and are now long from 134.52, looking for 135.40 as our initial target, as our long bias is still in place with larger picture targets of 136, 137, and ultimately 140.70
Please be cautious however, since EUR/JPY can decide at any moment to crack recent lows to clear long stops in/around the 133.90's to the 133.77's.