The EUR/JPY currency pair has shown little movement since yesterday’s trading session, remaining in a sideways range between the support level at 161.60 and the 55-day moving average, which serves as an additional barrier at 163.30. This lack of movement has tempered the prospects for the anticipated bullish attempts.
The current situation reflects a contradiction between the negativity indicated by stochastic readings and the positive stability above the noted support level. This suggests that the pair will likely remain under the influence of sideways trading until a decisive breach of the 163.30 level occurs. Such a breakout would pave the way for further gains, targeting levels at 163.90 and 164.80.
The expected trading range for today is between a support level of 161.80 and a resistance level of 163.30.
Trend Forecast: Sideways
Related topics: