The EURJPY currency pair has retraced to a state of proximity around the supplementary support level of 158.00, influenced by the stochastic indicator’s gradual descent below the 50 level. This situation implies an impending phase of sideways movement, which could persist until an upswing in positive momentum is achieved. This development could potentially lead to renewed attempts to establish a position above 159.20. If successful, this may pave the way for further progression towards the supplementary levels at 159.80 and 160.55.
Conversely, the emergence of fresh downward pressures may prompt a postponement of bullish advancements. This could manifest as corrective bearish movements, potentially resulting in discernible setbacks as the pair gravitates towards 157.00, followed by 158.80.
The projected trading range for the day is forecasted to range between 158.00 and 159.20, encompassing the prevailing market sentiment.
Expected trend for today: Bullish