EUR/JPY Chart Technical Outlook uptrend stalls below 158.00 with Yen weakness keeping downside attempts subdued.
Euro bulls seem to have lost steam over the last week as the pair has been unable to breach 158.00 despite the hawkish comments by European Central Bank’s president Christine Lagarde.
The broader bias remains positive, as the better-than-expected Japanese business sentiment data has failed to offer significant support to a battered JPY, although the recent warnings of intervention by the Japanese Finance minister might have put investors on alert.
This week, the Eurozone PMI, retail sales, and ECB Lagarde’s speech might give a fresh impulse to the pair, although the main focus will be on the release of the Federal Reserve minutes, and the US Non-Farm Payrolls figures, which are likely to increase USD volatility and drag the rest of the currencies, especially the Yen. with it.
Resistance levels are the mentioned 158.00 and 158.45. Supports are 157.25 and 156.60.
