In the current market scenario, the EURJPY pair has demonstrated a temporary consolidation phase in proximity to the 155.15 level. This stabilization is attributed to a divergence in stochastic indicators counteracting the prevailing negativity associated with the MA55, which itself consolidates in the vicinity of the critical resistance level at 157.75.
Anticipated in the near term is the likelihood of witnessing continued sideways trading. However, sustained stability beneath the additional barrier at 156.20 is poised to amplify the prospects of a resurgence in negative momentum. Such a development would actuate the initiation of a bearish trajectory for both the short-term and medium-term durations, with an expected descent towards 154.20, followed by a subsequent approach to the subsequent support at 153.25.
Market analysts suggest that the persisting bearish sentiment could prevail, especially if the currency pair remains below the 156.20 barrier. The projected trading range for the current day is anticipated to fluctuate between 155.85 and 154.20.
Today’s forecast aligns with a prevailing bearish trend, underlining the importance of vigilance for traders navigating the EURJPY market.