EUR/JPY Rebound: What's Next After Breaking the Losing Streak? | Key Levels to Watch in the Euro-Yen Pair

The Litecoin price USDEUR/JPY currency cross has demonstrated notable resilience during Wednesday's European trading session, successfully interrupting its four-day downward trajectory. Currently hovering around the 162.35 level, the pair registers a 0.26% daily gain after bouncing from its weekly low of 161.24.Technical indicators continue to favor bullish sentiment for the euro-yen cross. The four-hour chart reveals sustained positioning above the crucial 100-hour Exponential Moving Average (EMA), while the Relative Strength Index (RSI) maintains its position in bullish territory above the 50 threshold. These combined signals suggest potential for continued upward movement in the near term.Market participants should monitor several key price levels that could influence future price action. The immediate psychological resistance emerges at the round-number 163.00 level, with subsequent barriers appearing at the 163.50-163.55 zone where the upper Bollinger Band converges with the November 19 high. A decisive breakthrough beyond these levels could potentially propel the pair toward testing its year-to-date peak at 164.30.On the support side, the 100-hour EMA at 161.62 currently serves as the primary defensive level. Should downward pressure intensify, traders might observe potential support near the Bollinger Band's lower boundary at 161.13, followed by the November 7 low of 160.43. The 160.00 mark represents a significant psychological support level that could attract substantial buying interest if tested.The current technical setup suggests that while the pair maintains its position above key moving averages, the path of least resistance appears tilted toward the upside. However, prudent traders will monitor these critical support and resistance levels for confirmation of continued momentum or potential trend reversals