- EUR/JPY has charted a head-and-shoulders bearish reversal pattern, the hourly chart shows.
- It indicates the rally from the May 29 low of 124.61 has ended and the bears have likely regained control.
- The breakdown has opened the doors to 129.90 (target as per the measured height method).
Hourly chart
Spot Rate: 130.95
Daily High: 131.23
Daily Low: 130.60
Trend: Bearish
R1: 131.23 (session high)
R2: 131.91 (200-day moving average)
R3: 133.51 (April 24 high)
Support
S1: 130.60 (session low)
S2: 130.29 (100-say moving average)
S3: 130.00 (psychological support)
Share
