Apart from this EUR/JPY is boiling up with lots of other indications. It is understood that previous Gravestone and candle resembling a on monthly charts have evidenced their effects and still have more downside potential in the future.
So, traders must wait and see the next downward price movements. In a downtrend, if a big real body candle forms after the and pattern at a (see monthly chart) it is absurdity to even think over view, instead it could be deemed as an exit point.
It's advisable to use a combination of patterns and indicators to determine your trading strategy.
Thus, while these patterns were coupled with leading and lagging indicators, it still signals more downside potential upto 120.403 levels where it may test next strong supports.
Currently, (14) trending below oversold areas, even then downward convergence with these dipping prices signifies the momentum of this selling pressure.
Although the there is no sign of either overbought or oversold situation on curve, it alarms bears trying to take over the declining rallies as the slow noises with %D line cross over below 20 levels (current %D line flashes at 14.0287).
On the other hand, both lagging indicators ( , 21DMA & 7DMA) still signal downtrend continuation, both on daily and monthly 21DMA crossing over 7DMA indicates the ongoing declining prices to prevail further.