The EURJPY pair responded to intraday adverse factors by initiating a corrective bearish wave that tested the additional support level at 157.00. Managing to maintain its position above this support, the pair endeavors to cast off the prevailing bearish bias. This shift is evidenced by the emergence of a positive rebound, with the pair settling around 157.85.
Furthermore, the consistent stabilization within the established bullish channel depicted on the chart sets the stage for an anticipation of positive momentum accumulation. This, in turn, enhances the likelihood of the emergence of fresh bullish waves. Market participants are advised to monitor closely the potential breach of the 158.10 resistance level, as it could serve as a stepping stone towards the attainment of the 159.20 obstacle.
The projected trading range for the current trading session spans between 157.00 and 159.20. The prevailing trend for the day is anticipated to exhibit a bullish inclination.