EUR/JPY reached new highs in the morning at 130.38 level, but the sellers are still in game and have forced it to decrease in the last few hours. You can see that was almost to reach the confluence between the median line (ml) of the black ascending pitchfork with the upper median line (uml) of the minor descending pitchfork. The failure signals an exhaustion and a bearish pressure, a downside movement is favored after the retest of the red uptrend line.
Looks like that the rate is developing a Head and Shoulders pattern, this will be confirmed only after a valid breakdown below the 38.2% retracement level.
