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The EUR/JPY pair is currently trading at 124.50, having hit a session high of 124.79 earlier today and could suffer a deeper drop if key support at 124.41 is breached.  

That would confirm a flag breakdown on the hourly chart – a bearish continuation pattern, which usually ends up accelerating the preceding bearish move.  

A break below 124.41, therefore, could yield a re-test of the recent low of 123.82. Validating that bearish view is the 14-hour relative strength index (RSI) of 48.00.  

Hourly chart

Trend: Bearish below 124.41