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  • 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)


S1: 130.60 (session low)

S2: 130.29 (100-say moving average)

S3: 130.00 (psychological support)