EUR/JPY Price Analysis: Bulls take charge, eye 61.8% Fibo target

• EUR/JPY bulls are stepping into action on the hourly time frame.
• The daily chart's bullish structure is compelling.

EUR/JPY remains above support and there are still prospects of a significant bullish correction according to the daily chart's market structure and bullish M-formation. 

Daily chart

The bulls can target the 61.8% Fibonacci retracement level and the M-formation's neckline.

Hourly chart

From an hourly perspective, there is a strong bullish case given the prior bullish impulse, correction and now the current spike into the prior highs and presumed resistance. 

A break of the resistance structure will align with the daily bullish M-formation's target keeping it firmly on the map.