EUR/JPY Price Analysis: Upside structure confluence puts 123.30 on the map

• EUR/JPY is stalling on a downside impulse and bulls look to a meaningful correction.
• Significantly, the bears ate testing a critical demand area, failures open prospects for strong correction. 

EUR/JPY is in a bearish impulse on both the monthly and weekly chart which may have run its course, for now, giving rise to a bullish prospect towards 123.30.

The following is a top-down analysis that illustrates the bullish bias from a monthly, weekly and daily perspective.

Monthly chart

Weekly chart

The weekly offers a bullish outlook within this support area also.

Daily charts

The daily chart aligns with both the weekly and monthly bullish bias and the Fibonaccis can be a helpful guide as to where a correction is expected. 

However, there is a 61.8% confluence with structure higher up for which the bulls would prefer to complete and test the bearish commitments.

The conditions, however, need to mature on the lower time frames before a high probability trade setup and bullish bias can be made.