Sellers in the EURJPY pair have reached the first, not very strong obstacle, which is located near the level of 161.30. However, it is not yet evident that the bears are ready to give up, which means a continuation of the decline to 160.70 and possibly to 160.00 is quite realistic. If the price consolidates below 160.00, the path to 159.00 will be opened. In the near future, this scenario looks quite achievable. But I hope that the price will not drop below 159.00 and will start rising from there. After all, the upward movement has started, and now we are seeing a pullback, which can be quite significant in yen pairs. The nearest relatively important target at the top is the level of 164.00. After surpassing it, the price may rise to around 164.65, and then the path to 166.50 will open - for now, this is the maximum target. If the sellers manage to break below the level of 159.00, then buying opportunities will be temporarily canceled. In this case, a decline to 156.00 and possibly to 154.75 will become relevant. Let's see how events unfold during the day; the euro has the potential to rise, but it would be great if the yen starts to weaken again.
