EUR/JPY Price Analysis: 129.50 on the cards on break of hourly support

• 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.