EUR/JPY Retreats from 16-Year Highs, Faces Consecutive Losses

EUR/JPY dipped to 163.59, marking consecutive declines after reaching a peak not seen in 16 years at 165.35. Market sentiment remains positive, favoring equities, but

EUR/JPY dipped to 163.59, marking consecutive declines after reaching a peak not seen in 16 years at 165.35. Market sentiment remains positive, favoring equities, but the Japanese Yen (JPY) and US Dollar (USD) maintain strength in the FX market.

Technical Outlook:

Retreat and Volatility: The pair has pulled back after four days of volatility.
Key Support: A daily close below the March 20 low (163.78) could lead to a test of 163.00, followed by potential declines targeting the Tenkan-Sen (162.82), Senkou Span A (162.79), and Kijun Sen (162.78).
Bullish Case: If buyers reclaim 164.00, the pair could surge towards 165.00 and potentially retest the year-to-date high (165.35).

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