Surpassing 165.00 may indicate bullish trend, aiming beyond YTD high to 166.00.
Falling below 164.00 might lead to correction, with key supports at Ichimoku Cloud indicators.
The EUR/JPY pair remains subdued in early trading during the North American session, posting minuscule losses of 0.14% and exchanging hands at 164.65. Japanese authorities intervention threats, along with speculations that the European Central Bank (ECB) could begin easing policy in June, increased appetite for the safe-haven Japanese Yen (JPY).
EUR/JPY Price Analysis: Technical outlook
From a technical standpoint, the EUR/JPY is in consolidation at around the 164.00/165.33 year-to-date (YTD) high, with price action getting closer to the Ichimoku Cloud (Kumo). That means the uptrend stalled, and market participants are scrambling for direction in the pair.
For a bullish continuation, the EUR/JPY must break above 165.00, followed by the YTD high of 165.33. Up next sits the psychological 166.00 figure.
Conversely, if sellers push prices below 164.00, that would pave the way for a deeper correction. The next support would be the Tenkan Sen at 163.89, followed by the Senkou Span A at 163.33. Further losses are seen at the Kijun-Sen at 162.78, before clashing with the top of the Kumo around 162.50
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