The EURJPY currency pair has shown limited movement since Friday, with price action largely fluctuating sideways around the 163.40 level. Despite this consolidation, it remains below its recent high at 163.80, reflecting some resistance at higher levels.
Bullish Outlook:
Key technical indicators support a bullish bias for the pair. The 55-period moving average (MA55) continues to hold firm below the current price levels, providing stability, while the support line at 162.40 has reinforced the uptrend. Additionally, positive momentum from the stochastic indicator suggests potential for further gains.
With these factors in play, we expect the EURJPY pair to target 164.00 and 164.80 in the near term, barring any significant downside movements.
Trading Range for Today (December 23, 2024):
- Support levels: 162.75, 162.40
- Resistance levels: 164.00, 164.80
Trend Forecast: Bullish
Given the ongoing positive signals from both technical indicators and price action, the bullish trend is expected to continue. Traders should watch for a potential breakout above 163.80 to confirm the move towards 164.00 and 164.80 levels.
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