EUR/JPY bears on top n the ower time frames.
Bulls are taking charge longer-term as per the monthly chart.
EUR/JPY is under pressure as per the lower time frames and the following is a top-down analysis that arrives at a bullish bias longer term, but bearish for the near term.
The monthly chart is showing signs of a fresh impulse to the upside, although there could still be some work to be done yet by the bulls according to the lower time frames.
The weekly chart is offering a bearish bias as the price continues to slip following the big rejection wick of last week’s business.
On the daily chart, we can see that the price is attempting to recover from a close touch of the 38.2% Fibonacci. retracement level. However, given the velocity of the correction, the momentum is still with the bears and a visit of 131.50 is probable.
The 4-hour chart is offering a bearish bias also with the price coming in close to the 61.8% Fibonacci retracement level and caped bt the 21-EMA.