The EUR/JPY currency pair has encountered upward pressure, supported by a series of positive movements and forming additional support at 161.60. This has allowed the pair to approach resistance at 162.90, as indicated by a rise in the stochastic oscillator to the 80 level.
However, a shift to a bullish outlook will only be confirmed if the pair breaks through the resistance at 163.25 and closes positively above that level. Until then, the bias remains bearish. The pair could potentially decline to test the support at 161.60 in the near term. Should the bullish conditions materialize, a move higher could target the levels of 164.20 and 164.90.
For today’s trading, the expected range for EUR/JPY is between 161.60 and 163.00.
Trend Outlook: Bearish.
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