The EURJPY pair encountered resistance around the 158.55 level, impeding its attempt to resume its upward trajectory. This barrier led to a direct decline to 157.80. It’s worth noting that the bullish outlook remains valid as long as additional support is established around the 157.00 level, which would indicate the need for further positive momentum to reach the critical resistance level at 159.40.
However, the pair is currently facing significant downward pressure, and any breach below the mentioned support would signal a shift towards a prevailing bearish sentiment. This could result in the formation of robust bearish movements, with potential targets including 156.40, followed by 155.45, and potentially aligning with the 55-day moving average.
The anticipated trading range for the day is situated between 157.40 and 159.00.
For today, the prevailing trend is expected to be influenced by bearish sentiment.