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Today, the EUR/JPY pair is attracting buyers after declining during the Asian session to the key 162.00 level. From a technical standpoint, oscillators on both the hourly and daily charts have turned positive. And despite recent repeated failures near the 200-hour simple moving average (SMA) on the hourly chart—currently anchored around the 162.70 level—spot prices have now managed to break above this barrier. This indicates that the bulls are in control and that the recent pullback from the yearly high around 165.20, reached earlier this month, has run its course. The path for further upside is now open.
Now that EUR/JPY has entered the 163.40–163.45 supply zone, it may rise further toward the key 164.00 level.
On the other hand, the 162.00 round level is providing immediate support, just ahead of the 200-day SMA, which is currently near 161.45. A decisive break below this level would shift the short-term bias in favor of the bears, making the EUR/JPY pair vulnerable to a retest of the monthly low just above the 161.00 level. Eventually, prices could decline further toward the psychological 160.00 level. However, since the daily chart oscillators have already turned positive, the path of least resistance remains to the upside.
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