Stalls after rally, dips to 164.00

• EUR/JPY near 164.00, undecided post-Tenkan-sen rebound.
• Buyers claiming 164.82 and the pair may aim for 165.00.
• Falling below 164.00 could lead to 163.21, then 162.78 Kijun-Sen.

The EUR/JPY is virtually unchanged during the North American session, after hitting a two day high of 164.40, though sellers dragged the exchange rate near the Tuesday open. Hence, the cross pair trades at 164.09, almost flat.

EUR/JPY Price Analysis: Technical outlook

After falling from the year-to-date (YTD) high of 165.33, the EUR/JPY found support at around the Tenkan-sen level at 163.12 on Monday, sponsoring a leg-up toward the 164.00 area. Further upside is seen if traders clear the March 22 high of 164.82, ahead of the 165.00 figure.

On the flip side, if the pair extends its losses below 16400, look for a fall to the Tenkan-Sen at 163.21, followed by the 163.00 mark. A breach of the latter will exacerbate a dip to the Kijun-Sen at 162.78.

EUR/JPY Price Action – Daily Chart