EUR/JPY Price Analysis: Bulls on the lookout for a corrective opportunity

• EUR/JPY is in the hands of the bears, testing prior daily structure. 
• Bullish commitments could well lead to an upside correction of the daily bearish impulse. 

The cross is testing the downside in a continuation of the prior daily bearish impulse as bears take full control below the prior daily lows of 131.20. 

However, the bulls will be looking out for correction and there are prospects of a deep correction to test the prior lows and confluence of the 38.2% Fibonacci retracement as follows. 

Daily chart

The daily chart shows that the price is in the hands of the bears, but it is meeting the prior closing and opening lows of the late-mid June business. 

Considering the M-formation, which has a high completion rate in price retesting the neckline, there are bullish prospects, at least to the confluence of the neckline and the 38.2% Fibonacci retracement. 

This level comes in near 131.30.

Hourly chart

The bulls will need to clear a number of layers of hourly resistance over the coming sessions en-route to the daily target.