The EUR/JPY pair recently tested a major resistance level at 157.60, signaling the end of a correctional bullish rebound. The pair settled below this resistance level, indicating the initiation of negative waves that led to a touch of the 156.55 level.
Analyzing the chart, it’s evident that the Moving Average 55 (MA55) remains stable above the current resistance, confirming the likelihood of trades remaining within the previously suggested negative track. This negative trajectory might lead to potential targets at 155.90 and, subsequently, 155.40 levels.
The anticipated trading range for the day is expected to be between 157.00 and 155.90, with a bearish trend in focus.
Expected Trend for Today: Bearish