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The currency pair rebounded in the last hours and now is located at 158.46 level at the time of writing. After the last sell-off, the rate tries to rebound. EUR/JPY could test and retest the immediate resistance level before going down. The Japanese Yen Futures' further growth could boost the JPY.
Fundamentally, the Spanish Flash GDP reported a 0.3% growth versus the 0.2% growth estimated. On the other hand, the Tokyo Core CPI came in better than executed as well.
Technically, the price is trapped between the 158.93 and 157.99 levels. As you can see on the H1 chart, the rate escaped from the major ascending channel, but a downside continuation is far from being confirmed.
USD/JPY has found support on the former low of 157.99 again and now it challenges the broken uptrend line.
A bearish closure below 157.99 activates more declines. This scenario is seen as a selling opportunity. This scenario could be invalidated if the rate makes a new higher high.
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