EURJPY has paused its correction from the 126.89 low and has been consolidating between 130.00 and 131.50. The pair found strong resistance at the 50% Fibonacci of the downleg from 136.68 to 126.89. It has scope to fall towards the 23.6% Fibonacci at 129.16 and then back down to retest 126.89. A break below this low would confirm the bear trend.
The point where the tenkan-sen line crossed below the kijun-sen line on March 3rd added to the underlying bearish market structure. The falling Ichimoku cloud is another sign of the negative outlook. Prices have been making lower highs and lower lows since the December 2014 peak of 149.76.