EUR/JPY Price Analysis: Bears are trying to fend off the bullish correction

• EUR/JPY bears are looking for a move below support.
• Bulls have their eyes on the M-formation.

EUR/JPY is under pressure within a bearish schematic on the hourly charts as the following will illustrate:

EUR/JPY H1 chart

The price broke out of the bullish trend and has subsequently fallen to test a structural point on the chart around 148.80. EUR/JPY remains well below the trendline resistance but there are prospects of a bullish correction if the bears do not commit to the move at this juncture. 

We have an area of orders in the greyed-out sections of the chart below.

There are prospects of a move back into the Fibonacci scale.

The M-formation is compelling in this regard. This is a reversion pattern that tends to pull the price back towards the neckline of the formation.