EUR/JPY: Navigating the Sideways Chop – A Short Intraday Opportunity

Current Market Structure and Technical Read

Good morning everyone. Let's take a close look at EUR/JPY, a pair I specialize in. Currently, EUR/JPY is trading around 161.82, down about 0.24% over the last 24 hours. The market has been exhibiting a distinct sideways trend, confined largely within the 161.25 support and 162.39 resistance levels from yesterday's range. My analysis indicates that we are currently in a high probability zone for a short-term bearish move within this established range. The immediate technical picture suggests resistance holding firm for now, especially as price approaches the upper boundary of this intraday range.