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Markets maintained risk appetite on Monday, with EUR/JPY opening the week lower, down 0.17%. EUR/JPY’s upward move quickly encountered resistance when a multi-month support trend line turned into resistance, opening the door for a pullback. As a result, EUR/JPY was trading at 157.92 points, almost unchanged, after the Asian market opened on Tuesday.
The EUR/JPY cross turned bearish after diving below the Ichimoku Cloud. Coupled with the downward crossing of the baseline through the conversion line, EUR/JPY encounters resistance at the 159.00 mark. If bears hope to extend the decline, EUR/JPY must push below the conversion line at 157.03 and then the baseline at 156.48, followed by a challenge to 156.00.
