EUR/JPY Hovers Around 164.00 After Tenkan-sen Bounce

The EUR/JPY exchange rate remained largely flat during the North American session, trading near 164.09 after briefly touching a two-day high of 164.40. The pair’s

The EUR/JPY exchange rate remained largely flat during the North American session, trading near 164.09 after briefly touching a two-day high of 164.40. The pair’s price action suggests indecision in the market following a recent rebound.

Earlier, a decline from the year-to-date high of 165.33 found support near the Tenkan-sen level at 163.12 on Monday, prompting a brief upward move towards the 164.00 mark. If buyers manage to push prices beyond the March 22 high of 164.82, a further climb towards 165.00 could be in the cards.

However, if the pair loses ground below 164.00, a potential decline towards the Tenkan-sen at 163.21 may occur, with 163.00 as the next downside target. A breach of 163.00 could lead to a sharper fall towards the Kijun-sen at 162.78.

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