Since May 22, the EUR/JPY is in a downtrend restricted by the blue trendline. Bearish movement stopped on June 13, and bulls started the counter attack. As we can see on the chart, Fibonacci levels often play important roles of the support and resistance levels. Price is currently near the trendline, and is forming a flag (green lines) which can be considered as trend continuation pattern, which in this case is more positive for bulls as it was created after 5 days of ,upswing.
At the beginning of the European session price is under 38.2 Fibonacci level which will be the closest resistance for the European traders. As long as price stays above 23.6 Fibonacci level we may consider a positive scenario that may result in breaking the blue line. If 23.6 will be broken, it will mean the definite come back to the bearish trend.