The EUR/JPY is showing signs of a potential bearish reversal based on the technical analysis of key support and resistance levels:
Resistance Levels:
1st resistance: 163.57, characterized by "Swing high resistance." This level represents a significant barrier to upward movement.
2nd resistance: 164.17, also supported by "Swing high resistance." The presence of resistance at this level further reinforces the potential reversal zone.
Support Levels:
1st support: 161.88, marked as "An Overlap support." This level indicates a significant area where buying interest may emerge, potentially providing support.
2nd support: 160.33, backed by "An Overlap support." Multiple factors coincide at this level, strengthening its potential as a support zone.
