Over the past week, the EUR/JPY currency pair has experienced a downward trend, driven by a combination of risk aversion and technical factors. After a recent high near 166.67, the pair has been declining and recently found support around 161.50. This was partly due to market anxiety over geopolitical tensions, particularly news of Russia easing nuclear restrictions, which strengthened the yen as a safe-haven currency.
Technically, the pair has struggled to maintain levels above key resistance at 165.02, confirming bearish sentiment, so we dipped in for a quick long scalp only.