EUR/JPY Technical Analysis: rolling over in favor of the bears

The EUR/JPY pair has found acceptance below the 50-hour, 100-hour, and 200-hour exponential moving averages (EMAs), having established lower highs and lower lows pattern on the hourly chart in the last seven days.
The hourly relative strength index (RSI) has dipped below 50.00 in favor of the bears and is pointing south. Further, the 5-day and 10-day EMAs are beginning to roll over in favor of the bears.

Omkar Godbole FXStreet Contributor

Hourly Chart

Spot Rate: 131.60

Daily High: 132.00

Daily Low: 131.60

Trend: Bearish

Resistance

R1: 131.90 (Sept. 24 low)

R2: 132.21 (trendline hurdle)

R3: 132.46 (resistance of Oct. 1 high on the hourly chart)

Support

S1: 131.18 (Sept. 28 low)

S2: 130.87 (Aug. 30 high)

S3: 130.00 (100-day MA)

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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