EUR/JPY: Watching for a bounce from immediate support – A Swing Trade Opportunity

Current Market Structure & Technical Outlook

EUR/JPY is currently trading at 162.29, having seen a modest 0.06% gain over the last 24 hours. The pair remains firmly entrenched in a sideways trend, with the daily range quite tight, fluctuating between 162.15 and 162.43. This narrow range indicates a period of consolidation, but also presents opportunities for precise entries at key boundaries.
My analysis points to the 162.15 level as immediate support, a level that has held firm during recent tests. The current price of 162.29 is sitting just above this critical support, suggesting a potential bounce rather than a breakdown in the very short term. We are looking at a High probability zone for buyers if this support continues