EUR/JPY Price Analysis: Bulls taking lead in Asia, eye fresh hourly highs

• EUR/JPY bulls taking the lead in Asia, eye fresh highs. 
• Forex moves were volatile, whipsawing the crosses and EUR/JPY. 

After settling down from a round trip overnight in early US day forex moves where EUR/JPY had rallied back to the upside, it has since pulled back to hourly support which gives rise to an onward upside move in the coming sessions, at least for the nearterm outlook.

The following illustrates the market structure in a top-down analysis that arrives at a short-term bullish bias. 

Daily chart

From a daily perspective, the bulls will be looking to the July 29 lows in what is the peak of the M-formation’s neckline near 129.90. 

However, the bulls will need to surpass a 61.8% Fibonacci retracement level towards the highs to draw in further commitment from what is in an otherwise bearish environment from the monthly perspective:

There is more downside to go potentially until the 61.8% Fibonacci level near 126.50 

Hourly chart

With that being said, the bulls are taking control in the Tokyo open following a volatile start in the US sessions. 

With ATRs increasing, there are prospects for further volatility and a break of the recent highs.