EUR/JPY Price Analysis: Bulls running into a wall of resistance, but bullish longer-term

• EUR/JPY bulls are meeting a level of daily supply, focus on 129.80 support. 
• EUR/JPY long-term charts align bullishly. 

EUR/JPY is running into a daily resistance area which leaves the focus on the downside for the near term.

A healthy correction could see a subsequent surge to the upside from a longer term perspective and the following is a top down analysis from a bullish perspective. 

Monthly chart

The monthly hanging man is being watched for subsequent bullish candles to follow from a 50% mean reversion of the prior bullish impulse. 

Weekly chart EUR/JPY

The weekly price action is strongly bullish given the prior low and wick and subsequent bullish engulfing close last week leaving the bias to the upside for weeks to come.  

Daily EUR/JPY 

The daily chart see layers of resistance beyond 130.50 as the price moves along dynamic support towards the longer-term trendline.

However, at this juncture, a correction of the current bullish impulse might be expected considering how the price is already in supply territory with momentum slowing.  

129.80 is a marked area of support in this regard.