EUR/JPY is trapped in a pennant pattern, as seen on the 4-hour chart.
A breakout would expose overhead resistance at 124.90.

EUR/JPY has carved out a contracting triangle or pennant pattern on the 4-hour chart.

A breakout, if confirmed, would signal a resumption of the rally from the July 10 low of 120.27 and open the doors for 124.64 (200-week simple moving average), above which a major resistance at 124.90 (August 2018 low).

Alternatively, a pennant breakdown would imply bearish reversal and shift risk in favor of a drop to the ascending 50-day SMA, currently at 121.31.

The pair is currently trading largely unchanged on the day at 123.70. The pennant resistance is located at 123.78 while support is seen at 123.11.

4-hour chart

Trend: Neutral

Technical levels

EUR/JPY

Overview
Today last price	123.71
Today Daily Change	-0.01
Today Daily Change %	-0.01
Today daily open	123.72

Trends
Daily SMA20	122.31
Daily SMA50	121.21
Daily SMA100	119.35
Daily SMA200	119.99

Levels
Previous Daily High	123.79
Previous Daily Low	123.02
Previous Weekly High	124.29
Previous Weekly Low	122.2
Previous Monthly High	124.43
Previous Monthly Low	119.32
Daily Fibonacci 38.2%	123.5
Daily Fibonacci 61.8%	123.31
Daily Pivot Point S1	123.22
Daily Pivot Point S2	122.73
Daily Pivot Point S3	122.45
Daily Pivot Point R1	124
Daily Pivot Point R2	124.28
Daily Pivot Point R3	124.78

EUR/JPY Price Analysis: Consolidates in a pennant pattern