On July 23 the EURJPY pair crossed under the 120.850 support. Two days later broke it to the upside but could not surpass the resistance of the lower trendline of the triangular formation.
Today it is making an engulfing figure, that once completed could signify the continuation of the descending trend. That needs a close below 120.76, the latest bottom made two days ago. We see the price, also bouncing off of the mid Bollinger line, and the Stochastics are turning down, which is also bearish.
The first price objective is the 120 key level. if broken, it could go further down to 119 and 118. The invalidation level would be a close above 121.4