In today’s trading session, the EUR/JPY pair initiated a fresh bearish wave, with intentions to establish a foothold below the pivotal support level at 157.00. This development suggests an inclination towards succumbing to the influence of corrective tendencies in the market.
Furthermore, the stochastic oscillator has started to generate negative momentum, further enhancing the efficacy of the bearish trajectory, both in the near-term and medium-term outlooks. As such, it is increasingly likely that the pair will approach the 156.30 level in the near future, followed by an attempt to test the primary support line within the overarching bullish channel at 155.90.
For today’s trading, the projected range is expected to oscillate between the resistance at 157.40 and the support level at 156.30. This range will be closely monitored by traders for potential market reversals or breakouts.
In summary, the EUR/JPY pair finds itself compelled to undergo a decline, with a pronounced bearish momentum gathering strength. The immediate target is set at 156.30, with a subsequent objective to challenge the primary support line of the dominant bullish channel at 155.90. The prevailing trend is decidedly bearish.