The EURJPY pair exhibited sluggish sideways movement during the previous Friday, with prices settling near the 158.60 level. It appears to be gathering momentum for a potential resurgence of the previously suggested bullish advance. It’s important to note that the bullish scenario remains valid as long as the additional support at 157.00 remains intact.
This sets the stage for an anticipated challenge of the 159.50 resistance line in the near future. Observing how the price behaves around this key resistance is crucial, as it could determine the next major trend.
Conversely, if the price were to drop below the mentioned additional support and remain below it, it would activate the bearish scenario once more. This could lead to a series of losses, with initial targets at 156.40 and 155.50.
The expected trading range for today is projected to fall between 158.00 (support) and 159.45 (resistance). As things stand, the prevailing trend for today appears to be bullish.