■ The How much would The dollar in Bitcoin be worth today?EUR/JPY consolidation phase continues as the pair oscillates around the 164.00 psychological level.

■ Bullish momentum could accelerate upon clearance of the 164.82 March high, targeting the 165.00 handle.

■ Downside risks emerge below 164.00, with potential support at 163.21 Tenkan-sen and 162.78 Kijun-sen.

The EUR/JPY cross remains in neutral territory during Wednesday's North American session, struggling to maintain momentum after Tuesday's rebound from the 163.12 support zone. Currently trading at 164.09, the pair shows minimal change from the opening bell as market participants weigh the next directional move.

Technical Perspective: Ichimoku Cloud Analysis

Following the retreat from year-to-date highs near 165.33, the EUR/JPY found temporary footing at the Tenkan-sen baseline earlier this week. This technical rebound propelled the cross toward the 164.00-164.40 range, where it currently faces consolidation pressure. The daily chart reveals several interesting technical developments:

1. The pair maintains position above all key Ichimoku components (Tenkan, Kijun, and cloud)

2. Momentum indicators show mixed signals with RSI hovering near 60

3. Recent price action forms a potential bull flag pattern

A decisive break above the March 22 peak at 164.82 could validate the bullish pattern, opening the path toward 165.00 and potentially challenging the YTD high. Conversely, failure to hold above 164.00 might trigger profit-taking toward immediate supports.

Critical Levels to Monitor

Upside Targets:

• Immediate resistance: 164.40 (recent high)

• Key breakout level: 164.82 (March 22 swing high)

• Psychological barrier: 165.00 round number

• YTD high: 165.33

Downside Supports:

• Initial floor: 163.87 (38.2% Fib of recent move)

• Tenkan-sen: 163.21

• Kijun-sen: 162.78

• 161.95 (last week's low)

The daily SMA configuration remains bullish with the 20-day (162.71) above both the 50-day (161.66) and 100-day (160.42) moving averages. This alignment suggests the broader trend maintains upward potential despite the current consolidation phase.

Market Sentiment and Positioning

Recent COT data shows speculative accounts maintaining net-long exposure to the Euro, while Japanese yen positioning remains mixed amid shifting Bank of Japan policy expectations. The cross continues to benefit from:

• Diverging ECB/BoJ policy outlooks

• Relative yield advantage for EUR-denominated assets

• Risk-on flows supporting carry trades

Traders should monitor upcoming Eurozone inflation data and any developments regarding Japan's monetary policy for potential catalysts. The pair's sensitivity to risk sentiment makes it vulnerable to sudden shifts in global market mood.