The EUR/JPY pair is currently trading a 124.20 and could soon drop below the psychological level of 124.00, having suffered a head-and-shoulders (H&S) breakdown on Friday.
- The H&S breakdown indicates that the corrective bounce from the Jan. 3 low of 118.82 has ended and the bears have likely regained some control.
- Notably, that pattern has opened the doors to 123.90 (target as per the measured move method).
- Validating that bearish argument is the 14-hour RSI of 32.00 and the downward sloping 5- and 10-day moving averages (MAs).
- A break above 124.50 (H&S neckline) would invalidate the bearish setup.
Today Last Price: 124.08
Today Daily change: -35 pips
Today Daily change %: -0.281%
Today Daily Open: 124.43
Previous Daily SMA20: 125.68
Previous Daily SMA50: 127.49
Previous Daily SMA100: 128.72
Previous Daily SMA200: 129.19
Previous Daily High: 125
Previous Daily Low: 124.22
Previous Weekly High: 125.1
Previous Weekly Low: 123.4
Previous Monthly High: 129.3
Previous Monthly Low: 125.36
Previous Daily Fibonacci 38.2%: 124.52
Previous Daily Fibonacci 61.8%: 124.7
Previous Daily Pivot Point S1: 124.1
Previous Daily Pivot Point S2: 123.78
Previous Daily Pivot Point S3: 123.33
Previous Daily Pivot Point R1: 124.88
Previous Daily Pivot Point R2: 125.33
Previous Daily Pivot Point R3: 125.65
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.