The daily chart of the EUR/JPY pair prove that, market has been dominated by bears after they succeeded in drawing a descending channel over short-term basis.
The recent recovery has been capped below the upper line-resistance line- of this channel, which connected the movements from 149.80.
Stabilizing below Ribbons lines-EMA10 to 80- is a very negative catalyst that may push the EUR/JPY more to the downside over upcoming sessions.
Breaching the pivotal support of 126.90 in addition to the strength of bears’ power should assist bears to reach their short-term objective at 125.00 psychological.
To recap, we prefer short positions as far as 128.10 resistance holds.