EUR/JPY Technical Analysis: H&S breakdown favors drop below 124.00
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.
Hourly chart
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- 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 12.90 (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.
Trend: Bearish
USD/CNH
Overview:
Today Last Price: 6.7484
Today Daily change: -1.3e+2 pips
Today Daily change %: -0.189%
Today Daily Open: 6.7612
Trends:
Previous Daily SMA20: 6.869
Previous Daily SMA50: 6.8984
Previous Daily SMA100: 6.8936
Previous Daily SMA200: 6.719
Levels:
Previous Daily High: 6.7956
Previous Daily Low: 6.7376
Previous Weekly High: 6.8687
Previous Weekly Low: 6.7376
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Previous Daily Fibonacci 38.2%: 6.7598
Previous Daily Fibonacci 61.8%: 6.7734
Previous Daily Pivot Point S1: 6.734
Previous Daily Pivot Point S2: 6.7069
Previous Daily Pivot Point S3: 6.6762
Previous Daily Pivot Point R1: 6.792
Previous Daily Pivot Point R2: 6.8227
Previous Daily Pivot Point R3: 6.8498