EUR/JPY: Testing Key Resistance, Setting Up for an Intraday Reversal

Hello KoraFX community, Nicole Martin here with a look at EUR/JPY, which is presenting an interesting intraday setup. We're currently seeing the pair trading around 162.59, having seen a modest 0.24% move today, but largely confined within its day range of 162.01 to 163.17. The overall trend remains sideways, suggesting a lack of strong directional conviction from the broader market participants. My focus is on the upper boundary of this range for a potential short play.

Technical Read: Resistance & Price Action

From a technical standpoint, the market is struggling to break definitively above the 163.00 handle. The immediate resistance level at 163.17, which also marks the day's high, is a key level