EUR/JPY: Bearish Momentum Continues - Targeting Deeper Support after Resistance Hold

Technical Breakdown & Entry Rationale

Good morning, traders. My focus this week is on EUR/JPY, which has shown a clear bearish bias, currently trading around 161.63. Looking at the daily chart, the pair has been struggling to regain upward momentum, confirmed by the -0.35% change over the last 24 hours. Price action today has seen the pair trade within a range of 160.78 to 162.48, with the latter acting as a significant resistance point.
My analysis suggests we’re seeing a potential for a deeper decline. The recent attempts to push higher have been rejected near the