EURJPY Chart Technical Outlook

EURJPY Chart Technical Outlook trades north, eyeing the previous swing high at 165.35

EUR/JPY’s broad bias is bullish. Prices have been moving sideways for three weeks. There is room for more upside price action toward the resistance zone of the consolidation area at 165.15-35. The mild risk on appetite this morning supports the bullish direction. I expect the mentioned levels to cap the rally as the ECB is becoming more dovish and intervention jitters are mounting.
Supports are located at 164.25 and 163.80.

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