EUR/JPY Technical Analysis: Bear flag seen on the hourly chart

Omkar Godbole FXStreet Contributor

The EUR/JPY pair is currently trading at 124.50, having hit a session high of 124.79 earlier today and could suffer a deeper drop if key support at 124.41 is breached.

That would confirm a flag breakdown on the hourly chart - a bearish continuation pattern, which usually ends up accelerating the preceding bearish move.

A break below 124.41, therefore, could yield a re-test of the recent low of 123.82. Validating that bearish view is the 14-hour relative strength index (RSI) of 48.00.

Hourly chart

Trend: Bearish below 124.41

EUR/JPY

Overview
Today last price	124.49
Today Daily Change	10 pips
Today Daily Change %	0.08
Today daily open	124.39

Trends
Daily SMA20	125.92
Daily SMA50	125.33
Daily SMA100	126.36
Daily SMA200	127.91

Levels
Previous Daily High	124.82
Previous Daily Low	123.88
Previous Weekly High	126.79
Previous Weekly Low	123.82
Previous Monthly High	126.92
Previous Monthly Low	124.16
Daily Fibonacci 38.2%	124.46
Daily Fibonacci 61.8%	124.24
Daily Pivot Point S1	123.91
Daily Pivot Point S2	123.42
Daily Pivot Point S3	122.97
Daily Pivot Point R1	124.85
Daily Pivot Point R2	125.31
Daily Pivot Point R3	125.79

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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