Ella 
In early European trading on Monday, the EUR/JPY gained momentum near the 157.47 level. The pair bounced off last Friday’s low of 157.05 as risk sentiment improved. However, safe-haven flows may limit the pair’s upside. Nevertheless, rising geopolitical tensions between Israel and Palestine could boost the traditional safe-haven currency, the Japanese Yen, and be a bearish scenario for EUR/JPY.
From a technical perspective, the EUR/JPY remains below the 50- and 100-hour EMAs on the 1-hour chart, which supports the bears for now. It is worth noting that the RSI is floating in the 40-60 range, indicating that the pair has no direction.
The key resistance level is at 157.55, where the upper border of the Bollinger Channel converges with the 50 hour EMA. If the latter is breached, the next hurdle is near the psychological round number and the 13th of October high of 158.00. Further up, resistance is near the October 2nd high of 158.45 and then the September 13th high of 158.60.
On the downside, the bottom of the Bollinger Channel, the low of the 13th, and the round number near 157.00 converge and act as important support levels. The next support level is at 156.51 (October 9 low). If the subsequent selling breaks below the latter, the pair will fall to 156.22 (October 5 low) and 156.10 (October 5 low).
