The EUR/JPY pair has experienced a short-term pullback after breaking out of a long-term uptrend. While the bearish breakout suggests a potential reversal, there is still not enough evidence to confirm a long-term downtrend.
The pair is currently consolidating within a range, with potential for a continuation of the uptrend or a reversal. A break above 163.89 would signal a resumption of the uptrend, while a break below 154.41 could indicate a reversal.
EUR/JPY Technical Outlook
The EUR/JPY pair has broken out of a long-term uptrend, but the short-term trend remains uncertain. The 154.41 level could act as a key support, with potential for further downside if the pair breaks below this level. However, a break above 163.89 could signal a resumption of the uptrend.