EUR/JPY Technical Analysis: breaks below 50-hour SMA, now seems vulnerable

   •  The cross snapped three consecutive days of winning streak and stalls the ongoing recovery move from 11-month lows set last week.
   •  Forms a triple top bearish chart pattern on the 1-hourly chart and retracement back below 50-hour SMA prompted some fresh technical selling in the past hour, which could get extended towards 200-hour SMA support. 
   •  Now a sustained move beyond the 128.70 region, nearing 61.8% Fibonacci retracement level of the 131.04-124.62 recent fall, is needed to negate the bearish pattern formation. 

EUR/JPY 1-hourly chart

Spot Rate:  128.10
Daily High:  128.70
Daily Low:  127.79
Trend:  Bearish

R1:  128.27 (daily pivot)
R2:  128.70 (daily swing high)
R3:  128.86 (100-period SMA H4) 

S1:  127.64 (100-period SMA H1) 
S2:  127.17 (S2 daily pivot-point)
S3:  126.94 (161.8% Fibonacci retracement level)

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