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EUR/JPY declines after forming H&S pattern

01/14/2019
at 6:59 AM

EUR/JPY is trading near 124.00 handle and may drop below the level as it formed head and shoulder pattern on Friday on hour chart. The recovery from lows of 118.82 looks diminished and bears have gained back the control. 

The hourly Relative Strength Index is near 30 which indicates that price below 123.90 will open doors for further losses. However, closing above 124.50 will invalidate the head and shoulder pattern.

Technical Levels

R1: 124.88
R2: 125.33
R3: 125.65

S1: 124.10
S2: 123.78
S3: 123.33

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