EUR/JPY Price Analysis: Bears seek a downside extension from daily perspective

• EUR/JPY bears taking a pause to allow for a 38.2% Fibo of latest daily bearish impulse. 
• Eyes on te daily W-formation's neckline and wick. 

Further to the prior analysis, EUR/JPY Price Analysis: Weekly W-formation is a compelling bearish play, the price has indeed extended towards the target. 

Prior analysis, 4-hour chart

Live market, 4-hour chart

Meanwhile, there could be a second opportunity for the price is going to extend to the daily W-formation's neckline as follows:

A bid from here would be expected to target the 38.2% Fibo of the latest bearish impulse to structure where an offer would likely send the pair to the neckline's wick of the daily W-formation.