The EURJPY pair concluded its recent negative phase by reaching the target of 157.25, which has now become a new barrier to further declines. This level has prompted the start of a corrective bullish rebound, pushing the price to 158.40.
Given the stability above 157.25 and the stochastic indicators showing positive momentum, we anticipate the formation of bullish waves that could drive the pair towards the 159.50 and 160.10 levels. However, if the price falls below 157.25 and maintains negative closures under this level, it would signal a potential resumption of the bearish trend, targeting the historical support at 156.45.
Today’s expected trading range is between 157.25 support and 159.00 resistance.
Trend Forecast: Bullish
Related topics: