EUR/JPY Price Analysis: Pokes previous resistance near 146.00 around eight-year high

• EUR/JPY retreats from the highest levels since December 2014.
• Bullish MACD signals, sustained break of 4.5-month-old resistance favor buyers.
• Tops marked in September, June adds filters to the south.

EUR/JPY snaps a five-day uptrend while stepping back from the eight-year high, down 0.26% intraday near 146.30 during Tuesday’s Asian session.

Even so, the cross-currency pair keeps the previous day’s upside break of an ascending resistance line from early June, now support near 146.15. Also keeping the EUR/JPY buyers hopeful is the bullish MACD signals.

It’s interesting to know that the pair’s weakness past 146.15 isn’t an open welcome to the bears as highs marked during the last month, as well as in June, will challenge the downside moves respectively around 145.60 and 144.25.

Also acting as a downside filter is the one-month-old horizontal support around the 144.00 threshold.

Alternatively, the latest high around 146.75 and the 147.00 round figure could lure the EUR/JPY buyers during the pair’s further upside, which is more likely.

Following that, a gradual run-up towards the year 2014 high near 149.80 and then to the 150.00 psychological magnet appears more likely.

Overall, EUR/JPY bulls can stay hopeful unless witnessing a clear downside break of 144.00.

It's worth noting, however, that the looming intevention by Japanese policymakes is the key catalyst for the JPY pairs and should be watched carefully for fresh impulse. If the policymakers from Tokyo meddle to defend yen, EUR/JPY may witness further downside.

EUR/JPY: Daily chart

Trend: Bullish