The EURJPY pair has reverted to sideways trading, confined within the range of 158.70 resistance and 157.00 support.
The prevailing sideways bias is evident through the contradictory signals from major indicators, emphasizing the neutral stance. Traders are advised to exercise caution and remain neutral until the price breaches either of the key levels. A downside breakthrough of the current support could intensify bearish momentum, leading to potential losses, with an initial target around 156.30. Conversely, a successful breach of resistance would reestablish the bullish channel, potentially triggering significant gains towards 159.45 and 160.35.
Today’s expected trading range is between 157.00 and 158.20, with an overall neutral trend anticipated.