The EUR/JPY chart is currently displaying an overall bullish momentum. However, price is heading into a key resistance barrier and could potentially hinder further upward movement.
Resistance Levels:
The 1st resistance at 157.44 is identified as a "Pullback Resistance", implying its potential to impede upward price movements. Additionally, the 2nd resistance level at 159.11 is characterized as an "Overlap Resistance" indicating its role as a substantial obstacle to further advances.
Support Levels:
On the support side, the 1st support at 154.08 serves as a "Multi-swing Support". This level suggests an area where buying interest may emerge, potentially providing some support to the price. Similarly, the 2nd support at 152.26 is also classified as a "Swing-low Support" highlighting its significance as a substantial support zone.
