EURJPY - CONSOLIDATING AT KEY SUPPORT WITH BULLISH POTENTIALSymbol - EURJPY
CMP - 156.50
EURJPY continues to consolidate near an important support zone. The support level marked on the chart has acted as a solid base for price action, offering stability to the currency pair and providing key support for the consolidation.
At the current market price, EURJPY presents a good opportunity for traders looking to enter long positions. The price is well-positioned for potential upward movement, making it an ideal entry point for those anticipating a bullish trend. Moreover, the ongoing downtrend in the US dollar is likely to provide additional support for the Euro, further reinforcing the bullish potential for the pair.
However, it is essential to keep an eye on price action near support zone. A breakdown below 154.80 area could signal increased selling pressure, and a sustained move below the 154.50 level would confirm a shift from a bullish to a bearish market structure. In such a scenario, a retest of the breakdown zone could provide a viable opportunity for short positions.
On the other hand, if EURJPY maintains its recovery, we could see a push toward the 158 and 160.85 levels, which represent significant resistance areas. A successful breakout above 161.00 levels would confirm trend reversal and potentially signal further upward momentum.
Key Resistance Levels: 158.00, 160.85
Key Support Levels: 156.00, 155.20
