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

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


Today last price 124.49
Today Daily Change 10 pips
Today Daily Change % 0.08
Today daily open 124.39
Daily SMA20 125.92
Daily SMA50 125.33
Daily SMA100 126.36
Daily SMA200 127.91
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


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