EUR/JPY Price Analysis: Bears testing critical H1 trendline support

• EUR/JPY is testing critical hourly support in Asia.
• The bulls will look for a break of weekly resistance towards 129.80.

EUR/JPY is under pressure and testing a critical level of support on the hourly time frame. The bulls will need to break weekly resistance which will expose a low volume area into the late 129 area. The following illustrates the bias on the weekly and hourly charts. 

EUR/JPY H1 char

The price is testing dynamic support and a prior low which cold hold in the coming hours. Should the bulls commit here, then a bullish impulse would be the next expected outcome with 129.80 on the radar. 

EUR/JPY weekly chart

The weekly outlook is meanwhile bullish as the price attempts to correct. The wick will be compelling for next week but the bulls will need to break this current resistance. Consolidation and a failure in this area will shift the bias to the downside again.