EUR/JPY Technical Analysis: H&S breakdown favors drop below 124.00

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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


	EUR/JPY Technical Analysis: H&S breakdown favors drop below 124.00

  • 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

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