EUR/JPY technical analysis: Bears on verge of close below Bollinger band deviation 1

• Bears can target the 200-hour moving average on a break and close below 122 handle.
• Bulls will need to find ground back towards the 200-day moving average on the 125 handle.

EUR/JPY is trading around 122 with stop territory just below which could be targetted before a run back to the 122.20 highs within the rising channel. The price is on the verge of closing below Bollinger band deviation 1 on the hourly time frame, supporting a bearish bias.

The 200-hour SMA is located at 121.87. Below there lies the 2019 uptrend line at 121.32 and the 120.79 June low. the bears main objective would be a run to the 119.91 78.6% Fibonacci retracement which guards the 117.85 January spike low.  On the upside, the 200-day moving average is located at 125.50 on the wide.