EUR/JPY Price Analysis: Bears seek break below 128.50

• EUR/JPY is running into resistance and eyes are on the downside. 
• A weekly bearish continuation will be on the cards if the price breaks W-formaiton neckline. 

EUR/JPY is attempting to recover within a steep weekly bearish trend and the following illustrates the prospects of either a break of resistance or a downside continuation. 

Weekly chart

As per the weekly chart above, the price is in a downtrend and the path of least resistance is to the downside. 

Daily chart 1

Meanwhile, from a daily perspective, the price is on course for a test of the daily trendline that meets a horizontal resistance also near the 129.16/35 zone. 

If the price manages to break this area, then the upside is going to be a medium-term prospect. 

Daily chart 2

With that being said, the W-formation's neckline near 128.50/70 is compelling. 

The pattern has a high completion rate, so coupled with the resistance, gravity may well continue to play out in the form of a downside continuation below 128.50.