The EUR/JPY currency pair has gained positive momentum, with the stochastic indicator remaining stable in overbought territory. The pair has rallied above the 55-period moving average (MA55) at 163.25, strengthening the likelihood of a bullish trend. A successful breach of the 163.85 level could lead to the next key target at 164.35.
However, if the pair fails to maintain its position above the MA55, it may enter a phase of sideways trading, with a potential decline toward 162.20 before achieving any additional targets.
Today’s expected trading range is between 163.00 and 164.35.
Trend Forecast: Bullish
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