The EURJPY pair exhibited slow trading dynamics in the recent session, settling near the 160.90 level. It has maintained its primary consolidation within the minor bullish channel, having moved away from the support line at 160.70. Meanwhile, the stochastic indicator is gradually moving towards overbought territory, which could potentially enhance the likelihood of gaining positive momentum. This, in turn, may pave the way for targeting positive levels in the vicinity of 161.30 and 161.70.
On the contrary, a return to the bearish trajectory would necessitate the formation of substantial negative waves, with a confirmed drop below the 160.50 level. This would be the initial step towards targeting several negative levels, commencing with 160.15 and followed by 159.70.
The expected trading range for today is projected to oscillate between support at 160.75 and resistance at 161.70.
In summary, the prevailing trend for today is expected to be bullish, with the EURJPY pair exhibiting gradual movement and the potential for further gains.