The EUR/JPY is building a bearish ABC zigzag (blue) pattern and a bearish breakout could confirm the last wave 5 (green) in that structure. A new low could indicate the end of wave C (blue) of wave 4 (pink) and start a potential uptrend at the Fibonacci retracement levels.
The EUR/JPY could be completing an expanded WXY (purple) correction in wave 4 (pink) via an ABC (blue).
