EUR/JPY Technical Analysis: At two-month lows below 124.00 after rising wedge breakdown

EUR/JPY printed a low of 123.81 soon before press time, a level last seen on Jan. 25, having witnessed a rising wedge breakdown on the 4-hour chart yesterday. 

That bearish pattern is still valid. Further, the 4-hour 50-candle moving average (MA) has dropped below the 200-candle MA, confirming a bearish crossover and the relative strength index (RSI) of 32.00 is biased bearish. 

The bearish case would weaken if the pair move above the descending 5-day MA. currently at 124.28. 

4-hour chart

Trend: Bearish