The EURJPY bear flag pattern completed, a bounce may come.

Alongside the bear flag competing when the pair traded below the 123.00 level a pin bar was posted which could signal a near term bounce in the pair. The 61.8% Fibonacci retracement from the 2019 range also comes in at the 122.17 level which may be another reason for the buyers to be stepping in near term. In addition, the China/US trade talks are happening now which could lead to a bounce in risk appetite on some sort of agreement which typically would be JPY negative.

Blake Morrow