The EUR/JPY chart indicates the potential for a bullish bounce, with significant support and resistance levels in play.
Support Levels:
The 1st support level at 158.8630 is identified as "Pullback support." This level suggests a potential area where buying interest may emerge, serving as a crucial support zone.
The 2nd support at 157.3700 is characterized as "An Overlap support," which further strengthens its significance as a support zone.
Resistance Levels:
On the resistance side, the 1st resistance level at 160.0920 is supported by "Swing high resistance," indicating its role as a significant barrier to upward price movement. Additionally, this level shows Fibonacci confluence with the 161.80% Fibonacci Extension and the 78.60% Fibonacci Projection, reinforcing its importance.
The 2nd resistance at 161.5200 is another potential resistance zone to watch for, although the reason for its significance is not specified.
