EUR/JPY: Watching for a Breakout from Consolidation – My Swing Long Setup

Hi everyone, Stephanie Wilson here, looking at a potential swing trade setup on EUR/JPY. The pair has been exhibiting a sideways trend recently, consolidating around the 162.6 mark, with a 24-hour change of a modest 0.24%. While the price is currently within its day range of 162 to 163.19, I'm seeing early signs of accumulation at a key support level that could signal a move higher.

Technical Read: Testing Key Support

My analysis on EUR/JPY suggests that the 162 level is acting as a significant support floor. We've seen the price test this area, and the inability to break lower, despite the sideways action, indicates a potential high probability zone for buyers to step in. My target entry for a long position is at 162.4, just above that established support. This placement aims to catch a bounce should the market confirm the rejection from 162. The immediate resistance to watch is the day's high at 163.19. A decisive break above this level would represent a market structure shift, confirming