EUR/JPY Price Analysis: Bears look to weekly target, 127.50

• EUR/JPY bears attacking weekly support but price stalls. 
• EUR/JPY bulls could step in and target a daily 38.25 Fibo correction, first. 

EUR/JPY is on the verge of a downside breakout, but there are implications as the price meets long-term support.  The following illustrates the weekly and daily time frames and structure. 

EUR/JPY weekly chart

The bears are attacking long-term support at this juncture and the weekly bearish close this week will leave the pair vulnerable to further selling pressure next week. The target on the downside would be Jan 4 weekly highs as 127.50. 

EUR/JPY daily chart

Meanwhile, as for the daily chart, there is for a meanwhile correction and bulls could be looking to the 38.2% Fibonacci ratio first.