EUR/JPY: H&S pattern

The EUR/JPY pair is showing a complete H&S pattern at the highs on the hourly chart with lessening volume on the right shoulder. A move below the neckline at 102.50 would initiate a stronger bearish push lower with the first down-side target at 101.70 where there is a weekly and a monthly pivot, followed by 101.15 which is the main target for the H&S. Only a move above 103.05 would cancel the pattern and lead to a short-covering rally up to 104.00.

Written by Forex4you