EUR/JPY printed a low of 123.81 soon before press time, a level last seen on Jan. 25, having witnessed a rising wedge breakdown on the 4-hour chart yesterday.
That bearish pattern is still valid. Further, the 4-hour 50-candle moving average (MA) has dropped below the 200-candle MA, confirming a bearish crossover and the relative strength index (RSI) of 32.00 is biased bearish.
The bearish case would weaken if the pair move above the descending 5-day MA. currently at 124.28.
4-hour chart
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Trend: Bearish
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