EUR/JPY Price Analysis: Trapped between critical daily support and resistance, breakout eyed

• EUR/JPY bears eye a test of the daily 38.2% Fibo.
• Bulls eye a break of 150.00 key daily resistance.

EUR/JPY has been trapped between support and resistance for many days and is clinging to trendline support. Both the Yen and Euro are benefitting from a softer US Dollar as the central; bank divergence that has favored the Greenback for so long is wearing thin. Data on Thursday was the latest of a batch that has been signaling to markets that the Federal Reserve is about to pause its interest rate hiking cycle. This makes for a technically mixed outlook look for the crosses as the following will illustrate for EUR/JPY:

EUR/JPY daily chart

EUR/JPY's daily chart shows the pair hugging trendline support and remaining bid while above 148.50 horizontal support.

EUR/JPY H4 chart

On the 4-hour chart, there are prospects of another move lower if 150 holds as bulls have been building positions protected below the equal lows. We are yet to see a test of the daily 38.2% Fibonacci as well.