The recent moves of EURJPY on the weekly chart shows that it is on a downtrend, creating lower highs and lower lows.
If this downtrend continues, it may find an intermediate support zone that is very near to 2009 lows.
Weekly Chart of EURJPY
Looking at near term, on a H4 chart below.
EURJPY H4
There is a high chance that there will be a lot of reaction on the critical support / resistance level as highlighted, which could result in 2 directions.
1. As a Support level for rebound, this will only confirm the market has respected this level again.
2. As a breakdown of Support, resulting in further downtrend movement, seeking for next level of support.
