The EUR/JPY pair has responded positively to upward pressures, as indicated by stochastic readings in the overbought territory. The pair has surpassed the 161.60 resistance level, signaling a potential return to a bullish trend and approaching the initial target of 162.75.
Despite potential temporary sideways fluctuations due to conflicting signals from major indicators, stability above 161.60 supports the bullish outlook. This could lead to further gains, with new targets potentially reaching 163.40 and 164.20.
Today’s expected trading range is between 161.85 support and 163.40 resistance.
Trend Forecast: Bullish
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