EUR/JPY: Bears in control, testing the 50-hour MA

• EUR/JPY testing the 50-hour moving average. 
• The 21-DMA guards a reversal of the correction back to the highs on the 121 handle. 

On an hourly basis, the cross is down testing the 50-hour moving average, having broken the 21-hour moving average. 120.80 is a key level with the 200-DMA  ahead of 119.40/118.80. "Dips lower will find support at the 55-day ma at 118.32/28 ahead of the 117.49 uptrend," the analysts at Commerzbank argued." Further out, on the wide, bears can target 115.87 ahead of the 2017 low at 114.86. On the upside, the 21-DMA guards a reversal of the correction back to the highs on the 121 handle.