EUR/JPY Price Analysis: Retreats from around 150.00, amidst Euro weakness

• EUR/JPY struggles to overcome the 150.00 resistance; risks point to a potential further slide.
• Support rests at 149.00, with a breach likely to trigger a pullback towards the 20-day EMA at 148.59 and then the 148.00 level.
• Resistance stands at 150.00; surpassing it may fuel a rally towards 151.00 and possibly to the YTD high of 151.61.

EUR/JPY oscillates at around 149.70 after the EUR/JPY tumbled as low as 149.27 in the session. Still, the EUR/JPY is set to print minimal losses of 0.02% on Wednesday after releasing the US Federal Reserve (Fed) last meeting minutes, which weighed on the EUR/USD pair. Therefore, broad Euro (EUR) weakness was the main reason for the EUR/JPY’s price action.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY daily chart suggests the pair remains neutral but tilted to the downside, with the EUR/JPY failing to decisively clear solid resistance at around 150.00. Downside action is warranted as long as the EUR/JPY stays below the year-to-date (YTD) high of 151.61. That, alongside worse-than-expected Eurozone (EU) data, could pave the way for further downside.

Therefore, the EUR/JPY first support would be the 149.00 figure. A successful break below this resistance will pave the way for a pullback toward the 20-day Exponential Moving Average (EMA) at 148.59 before dipping toward the 148.00 figure. The next stop would be the 50-day EMA at 146.98.

Conversely, 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. The Relative Strength Index (RSI) indicator is 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