EUR/JPY Price Analysis: Bulls moving in at a weekly demand area

• EUR/JPY bulls are moving in following a hard landing on Thursday. 
• Risk-off tones have put a bid in the yen and the euro has been pressured.

EUR/JPY was pressured by a strong US dollar and risk-off tones with news relating to tensions between Europe and Russia that escalated again Thursday when Finland said it would apply to join NATO "without delay." Sweden is expected to follow. Russia has said it will be forced to take "retaliatory steps" and this has led to a bid in the yen as the following technical analysis illustrates.

EUR/JPY weekly chart

The weekly chart shows that the price is making its way into a key demand area. The M-formation is a reversion pattern so there are prospects of a bullish correction that could be underway. 

EUR/JPY daily chart

As it stands, the 38.2% Fibonacci on the daily chart has a confluence of prior lows and support.