EUR/JPY Price Analysis: Technical outlook
Euro bulls re-entered the market, lifting the EUR/JPY pair above the Tenkan-Sen a 163.71, which opened the door to reclaim the 164.00 mark. That suggests that buyers are gathering steam, which would open the door to challenge the 165.00 mark. A breach of the latter will expose the year-to-date (YTD) high of 165.34.
On the flip side, sellers must drag prices below 164.00 to challenge the new Tenkan-Sen level at 163.71, the next support level. Once surpassed, traders could test the Senkou Span Aat 163.25, followed by the Kijun-Sen level at 162.78
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