• 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. 

EUR/JPY monthly chart

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.

EUR/JPY weekly chart

The weekly chart is offering a bearish bias as the price continues to slip following the big rejection wick of last week's business. 

EUR/JPY daily chart

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. 

EUR/JPY 4HR chart

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.