The EURJPY pair rebounded from the downtrend levels on the four-hour frame, which were also the upper boundary levels of the ascending price channel also near and around the levels of 162.40.
The pair has retreated today by more than 100 points, and now we are waiting for some upward correction near the levels of 161.60 to 161.90, from which we can start selling the pair again with a very small risk.
The pair is currently targeting the levels of 160.60 at the upper limit of the ascending price channel, which in case of breaking it and closing the lower one, our next target will be at the levels of 158.50.
This scenario fails if the 162.50 levels break higher.
