- The EUR/JPY daily chart shows head-and-shoulders bearish reversal.
- EUR/JPY, a global risk barometer, looks bearish on the charts, is bad news for the risk assets.
Daily chart
Spot rate: 128.30
Daily change: +0.18 percent
Daily high: 128.52
Daily low: 127.93
Trend: Bearish
Resistance
128.62 (50-hour MA)
129.35 (H&S neckline support turned resistance + March 5 low)
130.00 (psychological support)
Support
128.22 (March 2016 high)
126.16 (January 2016 low)
125.00 (100-week MA)
The EUR/JPY pair widely considered as a global risk barometer. Thus, a head-and-shoulders breakdown could be an indication of tough times ahead of the risky assets. The bearish setup has opened the doors to 121.20 (target as per the measured height method).
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