EUR/JPY Technical Analysis: Bear flag seen on the hourly chart

The EUR/JPY pair is currently trading at 124.50, having hit a session high of 124.79 earlier today and could suffer a deeper drop if key support at 124.41 is breached. 

That would confirm a flag breakdown on the hourly chart - a bearish continuation pattern, which usually ends up accelerating the preceding bearish move. 

A break below 124.41, therefore, could yield a re-test of the recent low of 123.82. Validating that bearish view is the 14-hour relative strength index (RSI) of 48.00. 

Hourly chart

Trend: Bearish below 124.41