The EURJPY pair observed a day of inert movement yesterday, largely attributed to the absence of positive momentum. This has led to a lateral fluctuation occurring near the 158.75 level. Despite the predominant stability within the bullish channel, the stochastic indicator’s endeavor to emerge from overbought territory may prompt the price to initiate a corrective bearish retracement prior to establishing new positive objectives.
These dynamics set the stage for a potential drift towards the 157.90 level in the near future, potentially followed by an effort to harness the requisite positive momentum, thereby activating the prospective bullish upswing. This rally could potentially inaugurate the journey towards new positive milestones within the medium-term outlook, notably commencing at 159.80 and subsequently 160.55.
Today’s trading scope is envisaged to fluctuate within the spectrum extending from 158.00 to 159.40.
The prevailing trend for the day aligns with a bullish sentiment, reflective of the broader trajectory indicative of an upward market orientation.