EUR/JPY: Looking for an Intraday Pullback Amidst Bullish Overextension

Alright team, let's break down EUR/JPY. While the overarching trend remains bullish, as evidenced by its 0.39% gain over the last 24 hours, currently trading around 162.82, I'm eyeing a short-term intraday pullback opportunity here. The pair has pushed high, testing the upper bounds of its day range between 161.89 and 163.76, and I believe we're seeing some signs of exhaustion on the shorter timeframes.

Technical Analysis & Entry Logic

My analysis points to the resistance at 163.76 as a significant hurdle. Price has been struggling to sustain moves much beyond this level recently. On the intraday charts, I'm observing a potential for a short-term reversal, possibly due to overbought conditions on indicators like the RSI, which suggests some momentum divergence. The confluence is strong here for a move lower, especially as we approach that 163.76 zone. While the daily trend is up, multiple timeframe alignment shows some intra-day weakness developing. I'm looking to enter a short position around 163.1, capitalizing on a potential rejection from these higher levels.

Trade Setup & Risk Management

My trade setup is clear: I'm initiating a short position at