EURJPY Chart Technical Outlook stalls at intraday resistance and awaits more sentiment clues.
EUR/JPY completed a corrective upward three-wave structure, which overlapped 100% Fibo extension and 61.8% Fibo retracement level in the 1H chart. At the same time, the RSI shows an overbought condition in the same time frame.
The broad bias is bullish with caution due to BoJ intervention rhetorics and the temporary market relief this morning amid a low liquidity session – UK holiday.
I expect a muted price action today until the US opens and sentiment progresses.
Resistances: 158.50, 159.50
Supports: 157.30, 156.90
