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.

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)