EUR/JPY Price Analysis: Stalls around 149.20s after hitting a weekly high around 150.00

• After achieving a weekly high of 150.05, EUR/JPY retreats to 149.24 amid souring sentiment.
• The failure to surpass the 150.00 threshold and harmful Eurozone data create downward pressure.
• Market players eye crucial cues from upcoming ECB speakers and Japanese inflation figures.

Following Tuesday’s session, EUR/JPY floats at around 149.24, which witnessed the EUR/JPY pair hitting a new weekly high of 150.05, before the cross tumbled as sentiment deteriorated, finishing Tuesday’s session with losses of 0.40%.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY daily chart suggests the pair remains neutral but slightly downward biased, as it remains below the year-to-date (YTD) high of 151.61. in the last three trading days, the EUR/JPY failed to conquer the 150.00 figure, and bad Eurozone (EU) economic data on Tuesday exposed the pair to selling pressure. That would likely keep the EUR/JPY trapped within the 149.00-150.00 area unless fundamental catalysts like European Central Bank (ECB) speakers or Japanese inflation figures give some cues about the EUR/JPY’s trend direction.

On the upside, the EUR/JPY first resistance is 150.00. A breach of it, and the cross could rally toward 151.00, ahead of the YTD high of 151.61. Conversely, the EUR/JPY first support is 149.00. A successful move below this resistance will pave the way for a pullback toward the 20-day Exponential Moving Average (EMA) at 148.42 before dipping toward the 148.00 figure. The next stop would be the 59-day EMA at 146.85.

The Relative Strength Index (RSI) indicator is stills in bullish territory but turned flat, suggesting that buyers are taking a respite, while the 3-day Rate of Change (RoC) shifts neutral.

EUR/JPY Price Action – Daily chart