The EUR/JPY chart suggests a price hitting a major resistance with a focus on a bearish reversal off this level. Here are the key support and resistance levels:
Resistance Levels:
The 1st resistance level at 161.48 is identified as an "Overlap resistance". This level may act as a significant barrier to further upward movement in the price of gold.
The 2nd resistance level at 162.17 is also labeled as an "Overlap resistance". It represents another level where selling pressure could potentially emerge and limit any bullish momentum.
Support Levels:
The 1st support level at 160.64 is marked as a "Pullback support". This level could attract buying interest and serve as a potential area of price reversal or consolidation.
The 2nd support level at 159.94 is also identified as a "Pullback support". It represents another important support zone where traders might consider entering long positions.
