EURJPY INTRADAY Bullish breakout supported at 161.26The EUR/JPY currency pair price action sentiment remains bullish, underpinned by the prevailing long-term uptrend. Recent intraday movements indicate a bullish breakout above the previous resistance level, which has now established itself as a new support zone.
Key Levels and Price Action
The critical trading level to watch is 161.26, representing the previous consolidation range. A corrective pullback to this level, followed by a bullish rebound, could signal continued upward momentum. In this scenario, the pair may aim for upside resistance levels at 162.58, 163.22, and 163.66 over a longer timeframe.
However, if the 161.26 support level fails to hold and there is a confirmed daily close below it, the bullish outlook would be invalidated. This breakdown could trigger a deeper retracement, targeting the 160.55 support level, followed by 159.10.
Conclusion
The sentiment remains bullish as long as the 161.26 support level holds, with potential upside targets at 162.58, 163.22, and 163.66. A break below 161.26, however, would shift the outlook to bearish, signaling a potential move towards 160.55 and 159.10. Traders should closely monitor price action and daily closes around the key support to assess sentiment shifts and trading opportunities.
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