EUR/JPY Technical Analysis: Bearish RSI divergence, double top seen in hourly chart

The EUR/JPY chart shows a bearish price-relative strength index (RSI) divergence.
Acceptance below 129.07 (neckline support) would confirm a double top reversal and open up downside towards 128.67.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 129.04

Daily High: 129.50

Daily Low: 129.04

Trend: Pullback in the offing

Resistance

R1: 129.50 (session high)

R2: 130.00 (psychological level)

R3: 130.45 (100-day moving average)

Support

S1: 129.67 (double top breakdown target)

S2: 128.12 (10-day moving average)

S3: 127.65 (previous day's low)

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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