EUR/JPY is trading within a rising wedge formation and is now approaching a key resistance zone near 167.583. The current area is marked as a potential sell zone, especially as price nears the upper boundary of the wedge and key horizontal resistance.
A rejection from this area could lead to a corrective move toward the 165.363 or 164.419 support levels. However, a clean breakout above 167.583 would invalidate the short-term bearish scenario.
🔻 Sell Zone: 167.40 – 167.58
🔹 Target 1: 165.36
🔹 Target 2: 164.41
🔹 Pattern: Rising wedge
🔹 Timeframe: 4H
🔹 Bias: Bearish unless breakout confirmed
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.