EUR/JPY Near Key Support: Bounce or Break Ahead?

EURJPY is at a critical juncture, with 157.00 acting as a make-or-break zone. Monitor for a bounce or a decisive breakdown to gauge the next significant move. The pair has been in a clear downtrend, reflected by consistent lower highs and lower lows on the chart.
Price is currently trading near a potential support zone around 157.00, which aligns with previous bounce levels. The RSI is nearing oversold territory, indicating a possible short-term bounce. Enter long positions on confirmation of a bounce near 157.00, Short positions can be taken on a break below 157.00, targeting 156.00 and beyond.