The EUR/JPY pair has encountered persistent stagnation, failing to trigger a bullish rally despite repeated stability above the bullish channel’s support at 157.00. This apparent indecision has been influenced by the stochastic indicator, which is hovering around the 50 level.
In the absence of a decisive market sentiment, we anticipate continued sideways trading until sufficient positive momentum is gathered to ignite a bullish surge. During this period, traders should watch for a potential advance towards the 159.20 level, which could serve as an obstacle to bullish attempts.
Conversely, should the price decline below the main support level and register negative closes, this would confirm a shift to a bearish trajectory. Such a scenario could result in several losses, with the price potentially reaching 156.50 and 155.85.
Today’s anticipated trading range is situated between 157.30 as support and 158.75 as resistance. Traders are advised to closely monitor market developments and be prepared to adapt their strategies in response to changing conditions.
The EUR/JPY pair remains in a state of flux, with the market awaiting a clear catalyst to determine its future direction.