EUR/JPY Technical Analysis: Charting head-and-shoulders bearish reversal

• The EUR/JPY hourly chart shows the pair has round acceptance below the 50-hour and 100-hour moving average (MA) and could complete the head-and-shoulders bearish reversal pattern.
• A break below neckline support of 130.88 would confirm a bearish reversal, i.e. rally from the recent low of 127.14 has ended and the bears have regained control.

Hourly chart

Spot Rate: 131.33

Daily High: 131.43

Daily Low: 131.19

Trend: Bearish below 130.88

Resistance

R1: 131.38 (rising trendline resistance)

R2: 131.45 (100-hour moving average)

R3: 131.53 (50-hour moving average)

Support

S1: 131.00 (200-hour moving average)

S2: 130.27 (100-day moving average)

S3: 130.00 (psychological level)