EUR/JPY Technical Analysis:(READ DESCRIPTION)

EUR/JPY Technical Analysis: Upside Potential with Key Support at 162.53

Pivot Point: 162.53
The pivot at 162.53 is a crucial support level for EUR/JPY, acting as the foundation for potential upward movement. As long as the pair holds above this level, bullish momentum could take the price higher.

Our Preference: Long Positions
Recommended Trade:
Long positions are favored as long as the price remains above the 162.53 pivot point. This could lead to a significant move toward higher resistance levels.

Target Levels for Upside Movement:
First Target: 164.52
This is the main upside target where traders may aim to take profits or assess further bullish continuation.
Alternative Scenario: Downside Risks
If the price drops below 162.53:

Bearish Outlook:

First Target: 161.79
Second Target: 161.35
These levels serve as potential support zones if a bearish trend emerges.

Technical Insights:
RSI Indicator:
The RSI is above 50, signaling bullish momentum. This suggests that the price has potential to rise further as buying interest increases.

MACD Indicator:
The MACD is positive but below its signal line, indicating potential short-term retracement before the uptrend resumes.

Moving Averages:
The price is trading above both the 20-period and 50-period moving averages (163.03 and 162.76, respectively), reinforcing the bullish outlook.