- EUR/JPY bears seeking a run to 129.50 on break of hourly support structure.
- Bearish conditions according to price below 21-SMA and Momentum.
As per the prior analysis, EUR/JPY Price Analysis: Bears look to 129.50s for a deep correction of recent bull run, the bears are indeed taking over.
Prior analysis, 1-hour chart
The price was expected to remain capped at this juncture and correct towards a daily target where the 61.8% Fibonacci was noted:
Prior analysis, EUR/JPY daily chart
Live market, 1-hour chart
Meanwhile, the price is melting within bearish territory and is on the verge of breaking current support from which an optimal entry point there can open an aggressive 1:5 R/R or a conservative 1:2 R/R with a higher-stop.
In either scenario, the bears can look to go risk-free on a break of the next layer of support at 130.00 to target 129.50.
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