The EUR/JPY currency pair sustained its lateral trajectory in the prior session, holding its position above the supplementary support level situated around 156.20. Concurrently, the Stochastic indicator displayed an ascent to heightened overbought levels, potentially signaling the groundwork for an impending upswing aiming for 157.55. Should this threshold be breached, the pair is poised to advance further, targeting subsequent milestones at 157.90 and 159.00 respectively.
Nonetheless, the prospect of downward corrective waves materializing, accompanied by a dip below 156.20, has the potential to disrupt the nascent upward momentum. In such a scenario, the trajectory of the pair may shift towards 155.30 and subsequently 154.70.
Foreseeing the trading spectrum for the ongoing session, the envisaged range spans from the lower boundary of 156.50 to the upper frontier of 157.90. Within this delineated span, market dynamics will continue to guide the intricate interplay of price fluctuations.
As the day unfolds, the anticipated trend remains firmly bullish. This prevailing sentiment underscores the attentive monitoring of market developments by both investors and analysts, attuned to the multifaceted factors shaping the complex narrative of EUR/JPY movements.