The EURJPY pair has halted its recent bullish momentum after hitting a significant resistance at 162.40. This level marks the completion of the previously targeted gains, followed by a negative pullback that has brought the pair down to 161.85.
The 55-period moving average (MA55) is now consolidating above the current price, strengthening the resistance against further bullish moves. This reinforces the likelihood of a bearish correction, with potential targets at 161.10 and subsequently 160.25.
Expected Trading Range for Today: 161.10 – 162.40
Trend Outlook: Bearish
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