EUR/JPY Price Analysis: Bulls meet resistance around 162.00, momentum weak

The daily MACD and RSI suggest a flat momentum with bulls taking a breather following a recent recovery.
A robust resistance persists at 162.00 and bulls keep on getting rejected.

Patricio Martín FXStreet

The EUR/JPY pair experienced minor gains on Monday, with the bulls unable to surpass the 162.00 area. In case they fail to conquer this threshold, the downside may resume.

The daily Relative Strength Index (RSI) has outlined a slight increase but remains deep below 50, suggesting a steady selling pressure pressure. The MACD bars remain flat and red, signaling subdued bearish momentum.

EUR/JPY Daily Chart

The overarching selling forces are still active. This is backed by the pair still below the 20,100 and 200-day Simple Moving Averages (SMAs). All eyes remain on the developments around the 162.00 resistance which might trigger either a recovery to 164.00 (200-day SMA) or a deeper correction to 161.00-160.00. In that sense, as bulls continue facing resistance at the 161.50-162.00 area, and with momentum weak, the last hope is a fundamental catalyst to breach it.

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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