EUR/JPY Price Analysis: Pulls back from multi-year peak, once again fails near 158.00 mark

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• EUR/JPY meets with some supply on Monday and is pressured by a modest JPY strength.
• The occurrence of a negative RSI divergence on the daily chart prompts technical selling.
• Bulls need to wait for a sustained strength above the 158.00 mark before placing fresh bets.

The EUR/JPY cross edges lower on the first day of a new week and reverses a part of Friday’s strong move up to the 158.00 mark, or its highest level since September 2008. Spot prices remain on the defensive through the Asian session and currently trade around the 157.30-157.35 region, down just over 0.25% for the day.