EUR/JPY Price Analysis: Bears seek a test of 129 the figure

• EUR/JPY reached a 50% mean reversion. 
• EUR/JPY bears are defending the M-formation's neckline. 

EUR/JPY is holding in neutral territory on the daily chart after making a firm correction of the neckline to the M-formation.

As the illustration below shows, there are now prospects of a downside continuation:

EUR/JPY daily chart

The price rallied to test the M-formation's neckline and has since retreated. However, the bulls can still move in to test the area again although there are now higher prospects of a downside continuation.

The bears will be seeking a break of the daily support structure to open prospects of lower lows in a downside continuation.

EUR/JPY 4-hour chart

The 4-hour chart sees the trendline support as the first hurdle before support which guards an onward downside move towards 129 the figure.