EUR/JPY Intraday Short: Testing Daily Resistance within Sideways Range

Current Market Structure & Technical Readout

Good morning, KoraFX community. Let's take a look at EUR/JPY, which is currently trading at 162.3. The pair has shown very limited movement over the past 24 hours, with a modest 0.1 point (0.06%) increase, reflecting its ongoing sideways trend. Critically, we are observing price action near the upper end of its daily range, specifically 162.15 on the support side and 162.46 as immediate resistance. My analysis indicates that the current price point is testing this intraday resistance, suggesting a potential rejection.

Intraday Short Setup & Risk Management

Given the proximity to the daily resistance at 162.46 and the overall sideways market structure, I am looking at an intraday short opportunity. My entry is set at the current price of 162.3. The logic here is to capitalize on a potential failed breakout or rejection from this established resistance zone. My stop loss is placed tightly at 162.5, just above the 24-hour