EUR/JPY Price Analysis: Bulls face resistance at 162.00, weak momentum

The EUR/JPY pair saw a slight increase in gains on Monday, however, bulls have been struggling to surpass the 162.00 resistance level. The daily MACD and RSI indicators suggest that momentum is relatively flat, with bulls taking a break after a recent recovery.
The resistance level at 162.00 continues to hold strong, with bulls facing rejection each time they attempt to break through. If bulls are unable to overcome this resistance, the downside may resume, with selling pressure likely to increase.
The pair remains below the 20, 100, and 200-day Simple Moving Averages (SMAs), indicating that selling forces are still in control. All eyes are now on the developments around the 162.00 resistance level, as a breakout could lead to a recovery towards 164.00 or a deeper correction towards 161.00-160.00.
With bulls struggling to push past the 161.50-162.00 area and momentum weak, a fundamental catalyst may be needed to break through the resistance level. The daily RSI shows a slight increase but remains below 50, indicating steady selling pressure, while the MACD bars are flat and red, signaling subdued bearish momentum.
Overall, the EUR/JPY pair remains in a challenging position as bulls face strong resistance at 162.00. A breakout above this level could lead to a recovery, while a failure to do so may result in a return to the downside. Traders will be closely watching for any fundamental developments that could potentially trigger a breakout in either direction.