• EUR/JPY bears are lurking in weekly resistance. 
• 129 the figure guards a deeper retracement to the weekly W-formation's neckline. 

EUR/JPY is stalling on the upside and the bears are lurking, expecting a correction. The following illustrates the outlook from the bearish perspective which leaves 129 the figure exposed. 

EUR/JPY monthly analysis

The monthly chart is correcting to a 38.2% Fibonacci retracement of the prior bearish impulse. This could hold and lead to a downside continuation deeper into the support zone. 

EUR/JPY weekly chart

The W-formation on the weekly chart is also compelling. The formation is a reversion pattern and leaves the neckline exposed near to 128.40. 

EUR/JPY daily chart

On the daily chart, the price is already stalling and the 38.2% Fibi is aligned with the old structure near 128.90.