The EURJPY pair executed a strong bearish move yesterday, achieving the primary target of 164.75 and establishing it as a robust support level. Following this, the pair experienced a corrective rebound, testing the additional resistance at 167.55 but settling below this level.
The persistence of fluctuations below the 167.55 barrier is likely to renew bearish pressures, with potential declines expected below 165.60, possibly revisiting the 164.75 support line. Conversely, a sustained breach and maintenance above 167.55 could signal a shift towards a bullish correction, aiming for targets at 168.40 and eventually reaching the major resistance at 169.60.
The anticipated trading range for today is between 167.40 and 165.60.
Trend Forecast: Bearish
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