EUR/JPY Technical Analysis: Head-and-shoulders breakdown confirmed

• EUR/JPY has charted a head-and-shoulders bearish reversal pattern, the hourly chart shows. 
• It indicates the rally from the May 29 low of 124.61 has ended and the bears have likely regained control. 
• The breakdown has opened the doors to 129.90 (target as per the measured height method). 

Hourly chart

Spot Rate: 130.95

Daily High: 131.23

Daily Low: 130.60

Trend: Bearish

Resistance

R1: 131.23 (session high)

R2: 131.91 (200-day moving average)

R3: 133.51 (April 24 high)

Support

S1: 130.60 (session low)

S2: 130.29 (100-say moving average)

S3: 130.00 (psychological support)