Technical Analysis:
The EUR/JPY pair is currently testing a significant support level at 163.99, with the 50-period WMA (164.37) positioned above, while the 200-period WMA (164.09) is slightly closer to the current price, creating a zone of potential resistance. This alignment indicates a bearish trend as the pair remains under pressure following recent price action.
A breakdown below 163.99 could target lower levels around 163.50 and 163.00. On the upside, if the pair manages a rebound from this level, resistance can be expected near 164.50 and 165.00.
Support: 🔻 163.99, 163.50
Resistance: 🔺 164.50, 165.00
Moving Averages:
📉 EUR/JPY is trading below the 50-WMA and around the 200-WMA, reinforcing a neutral-to-bearish outlook. A decisive move below the current support could signal continued downside pressure.
Volume:
📊 Increasing volume as EUR/JPY approaches the support level suggests heightened interest. High volume on a breakdown could signal further bearish momentum.
Key Levels to Watch:
Support: 163.99, 163.50
Resistance: 164.50, 165.00
Outlook:
🚩 EUR/JPY is at a crucial level near 163.99. A breakdown could indicate further losses, while a recovery may see it testing nearby resistance levels.
Fundamental Analysis:
The EUR/JPY pair is sensitive to monetary policy developments from the European Central Bank and the Bank of Japan. Recent economic data releases and market sentiment towards risk assets continue to influence the pair’s direction near this key support level.
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