EUR/JPY — Supply Zone Rejection at 185.05–185.31 | Target 184.54EUR/JPYOANDA:EURJPYthefxmbrandEUR/JPY has been grinding upward on the 1H chart since May 22, rallying from the 184.545 demand base through a series of higher lows. However, price has now reached a dense supply cluster between 185.026 and 185.309 — a zone comprised of at least four stacked resistance levels visible on the right side of the chart (185.026, 185.052, 185.069, 185.097), all of which have previously acted as rejection points. The oscillator panel is printing a clear bearish divergence signal at this supply zone — the fast and slow lines are curling lower (0.053 and 0.042 respectively) while the signal/bear line is ticking up (-0.012). Price has pushed higher but momentum has not confirmed the move, a classic exhaustion signal at resistance. The "Dollar slumps" headline (yesterday) was the catalyst that fuelled the rally into this supply zone — but EUR/JPY is now at the point where the move is fully priced in. With JPY broadly supported and price at multi-level supply, the path of least resistance is a pullback to TP1 at 184.816 (the blue demand shelf), then a full retracement to TP2 at 184.545 (the teal demand base that launched the rally). A break below that opens the large blue demand block at 184.300 as the macro TP3. Entry - 185.026 and 185.309 TP1 at 184.816 TP2 at 184.545 SL - 185.300