EUR/JPY: Testing Key Support at 162.04 – Long Setup Emerges

Current Market Posture & Technical Observations

Good day, KoraFX community. Let's delve into EUR/JPY, a pair I've been closely monitoring. Currently, EUR/JPY is trading at 162.52, showing a modest 0.2% gain over the last 24 hours. The pair has been moving in a defined range today, specifically between 162.04 and 163.01. This suggests a period of sideways consolidation, but the data is compelling when we look at the underlying support. The 162.04 level has proven to be a significant support zone, indicating strong institutional order flow preventing further downside. This area has been tested multiple times without a decisive break, which is a bullish sign within a consolidation