The EURJPY currency pair remains exposed to stochastic negativity, with the indicator currently tracking below the 50 level. This is accompanied by price fluctuations primarily above the supplementary support at 158.55, strengthening the potential for bullish endeavors.
The initial target for these bullish attempts is set at 159.35, with an ultimate aim to breach the resistance line at 160.00.
However, any sustained negative pressures that lead to a breach of the current support, along with a negative closing, could prompt substantial losses. In this scenario, we can anticipate a decline initially toward 157.80, followed by a possible assault on the critical 157.00 support level, which has previously held against recent bullish attempts.
For today’s trading activities, the projected range falls between 158.50 and 159.35, with the overall trend outlook for the day leaning towards a bullish sentiment.