EUR/JPY Technical Analysis: Rising channel breakdown on 1H

• EUR/JPY’s hourly chart is reporting a rising channel breakdown.  
• Friday’s bearish pin bar is still valid with the pair trading well below 122.65.

EUR/JPY’s pullback from Friday’s high of 122.65 could gather pace, as the hourly chart is reporting a rising channel breakdown.  

The hourly relative strength index (RSI) is also reporting an ascending channel breakdown, signaling a continuation of the drop from Friday’s high.  

The pair risks falling to the hourly chart support of 121.77. At press time, EUR/JPY is trading largely unchanged on the day at 122.03, which means Friday’s bearish pin bar candle, which hit  a high of 122.65, is still valid.  

The immediate bearish case would weaken if the pair finds acceptance above 122.23.  

Hourly chart

Trend: Bearish

Technical levels