EUR/JPY Price Analysis: Bears take back control into the Fed

• EUR/JPY bears are in town capping the spike.
• Markets will now await the FEd, but the downside is compelling. 

EUR/JPY has made a firm advance ahead of today's Federal Reserve meeting as the greenback takes a dive. 

DXY hourly chart

EUR/JPY hourly chart

While the Fed is a wild car, it should be noted that the daily chart is well and truly overextended:

On the 4-hour chart, the situation is more clear:

There is a structure at the 19th April spike that has a confluence with the 38.2% Fibonacci retracement level.