EUR/JPY Price Analysis: Teases double-top confirmation on the ECB day

• EUR/JPY sellers attack monthly horizontal support to confirm bearish chart pattern.
• MACD conditions favor theoretical downside move targeting 100, 200-SMA.
• Bulls need to cross 130.75 to retake the controls.

EUR/JPY takes offers around 130.17, down 0.07% intraday as bears brace for further dominance during early Thursday. However, the support line of the bearish formation and the pre-ECB caution challenges the pair sellers of late.

It’s worth noting that the bearish MACD signals and multiple failures to reach the 131.00 threshold keep the EUR/JPY sellers hopeful.

Hence, a clear downside break of 130.15 will direct the quote towards a convergence of 100 and 200-SMA near 129.60-55. During the fall, the 130.00 psychological magnet can offer an intermediate halt to watch.

In a case where EUR/JPY remains bearish past 129.55, odds of its slump to the last month’s low near 127.95 can’t be ruled out.

Meanwhile, corrective pullback remains less important until staying below the double tops near 130.70-75. Also acting as the key hurdle is the 140.00 round figure.

EUR/JPY: Four-hour chart

Trend: Further weakness expected