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The EUR/JPY currency pair shifted into a neutral consolidation phase last week, holding below the key 186.00 resistance mark. While a deeper pullback remains possible in the near term, losses are expected to be capped near the 183.90 support zone, which could serve as a launching pad for a bullish rebound.
Technical indicators suggest that a decisive break above the 186.00 level would confirm the resumption of the broader uptrend originating from 179.34. Such a move would clear the path for buyers to retest the intermediate peak at 187.42, with eyes on challenging the major high at 187.93 in the broader structure.
Traders should watch key price action around immediate support and resistance levels. A failure to defend the 183.90 support level could invalidate the immediate bullish setup and signal an extended corrective phase, requiring strict risk control on open positions.
