The EURJPY pair resumed its bullish rally, marking a significant advancement by surpassing the second target at 161.20. This movement is attributed to the pair’s consolidation within the established bullish channel, solidifying confidence in the continuation of the bullish scenario in the upcoming period.
Moreover, the stochastic indicator exhibits consolidation within the overbought areas, enhancing the likelihood of acquiring additional positive momentum. This consolidation suggests a potential for recording new gains in the near future, with targets extending towards 161.80. Subsequently, the pair may aim for the minor bullish channel’s resistance at 162.35.
The projected trading range for the day is anticipated to fluctuate between 160.90 and 161.80.
The prevailing trend for today is expected to be bullish, reflecting the ongoing positive momentum in the EURJPY pair.