Chart - Courtesy Trading View
EUR/JPY was trading largely unchanged at 140.20 at around 12:10 GMT, slightly lower from multi-month high at 140.62 hit earlier on the day.
Traders remain cautious as focus remains on this week’s European Central Bank (ECB) meeting for further impetus.
The ECB at its policy announcement in June is expected to solidify expectations for interest rates going positive by the end of Q3.
Focus will be on President Christine Lagarde’s tone on the prospect of further tightening as markets gauge the outlook for 2023.
EUR/JPY has potentially peaked and is showing signs of exhaustion. Doji formation shows traders indecisiveness to take prices higher.
Technical indicators are still biased higher, but retrace below 200H MA could change near-term dynamics.
