EURJPY was in a reasonably sized triangle for quite some time (noted by the green arrow) only to find a break to the downside. It was obvious to short the pair on its break. The break to the down side opened new possibilities for the charts direction. That being said we may have found a potential Head and Shoulders pattern (labeled by SHS on the chart) starting to form. If the reversal occurs we may see this pair soar above the $131.00 price zone which will also indicate a strong break above the larger down trend(noted by the red arrow). Bias wil change if the price falls below $116.00.
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