Hot Topics
EUR/JPY Stalls Near 164.00: What's Next for This Key Currency Pair? | Technical Breakdown & Market Sentiment
The
Can Dogecoin still be mined?EUR/JPY currency pair continues to hover near the 164.00 psychological level during Wednesday's trading session, currently showing minimal downward pressure at 164.65. Market observers note this consolidation pattern reflects competing fundamental forces - heightened speculation about potential Japanese monetary authority actions contrasts with growing expectations for European Central Bank policy easing in June.Technical analysts highlight several important chart developments:■ The pair remains rangebound between 164.00 and 165.33, the year-to-date high■ Price action currently tests the Ichimoku Cloud (Kumo) boundaries■ Daily candlesticks show decreasing volatility after recent upward momentumFor traders anticipating bullish continuation, these key levels demand attention:1. Immediate resistance sits at the round-number 165.00 handle2. A clean break above could retest the YTD peak at 165.333. Subsequent upside targets include the 166.00 psychological markerConversely, bearish scenarios would require monitoring these support zones:1. The Tenkan-Sen line provides initial support at 163.892. Senkou Span A offers secondary support around 163.333. The Kijun-Sen at 162.78 and Kumo top near 162.50 represent stronger floorsMarket participants should note the following technical indicators:■ 20-day SMA: 163.43 (bullish slope)■ 50-day SMA: 162.28 (rising trajectory)■ 200-day SMA: 159.31 (upward trend intact)Recent price action shows the EUR/JPY respecting Fibonacci levels from its latest swing:■ 38.2% retracement at 164.57 acting as temporary support■ 61.8% level at 164.37 providing additional reference pointPivot point analysis reveals these critical intraday levels:Support Zones:■ S1: 164.32■ S2: 163.74■ S3: 163.44Resistance Areas:■ R1: 165.19■ R2: 165.48■ R3: 166.06The current technical landscape suggests traders should prepare for potential breakout scenarios in either direction. Those monitoring this currency cross should watch for sustained moves beyond the 164.00-165.33 consolidation range, which could signal the next meaningful directional move. As always, proper risk management remains essential when trading volatile currency pairs