The EUR/JPY currency pair continued to experience downward pressure during the previous Friday’s trading session, reiterating its challenge of the additional support level at 157.00 and managing to hold above it. It is essential to closely monitor price action and await the next closing price to ascertain the forthcoming market direction.
The expectation is that trading activity will be confined between the resistance at 157.65 and the current support level. Traders should remain vigilant, anticipating a decisive move above or below these key levels, as this will signal the probable future trend. If the pair declines below the support level and closes with a negative tone, it is likely to face additional losses, with potential downside targets at 156.10, followed by 155.45. Conversely, breaching the resistance at 157.65 would facilitate bullish attempts, potentially leading the pair towards 158.35 and 159.20.
For today’s trading session, the expected trading range lies between 157.65 and 157.00. The overall market trend for today is considered neutral as we await further price action to define the pair’s path.