- The EUR/JPY hourly chart shows the pair has round acceptance below the 50-hour and 100-hour moving average (MA) and could complete the head-and-shoulders bearish reversal pattern.
- A break below neckline support of 130.88 would confirm a bearish reversal, i.e. rally from the recent low of 127.14 has ended and the bears have regained control.
Hourly chart
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Spot Rate: 131.33
Daily High: 131.43
Daily Low: 131.19
Trend: Bearish below 130.88
R1: 131.38 (rising trendline resistance)
R2: 131.45 (100-hour moving average)
R3: 131.53 (50-hour moving average)
Support
S1: 131.00 (200-hour moving average)
S2: 130.27 (100-day moving average)
S3: 130.00 (psychological level)
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