The EUR/JPY pair has managed to sustain its bullish trajectory, as it oscillated within a minor bullish channel in the previous session. It demonstrated strength by holding above the 160.70 support level, while also forming additional bullish waves this morning, bringing it close to the 160.90 mark.
Moreover, the presence of continuous positive momentum signals in the stochastic oscillator further enhances the prospects of attaining new positive levels. The pair appears poised to make a push towards 161.30, with the ultimate target being the major resistance at 161.70. This resistance level holds the key to identifying the next major trend in the EUR/JPY pair.
For today’s trading activity, the expected trading range is forecasted to range between 160.75 and 161.70, in line with the prevailing bullish trend.