The EUR/JPY currency pair has managed to overcome previous downward pressures, maintaining a steady position within the established bullish channel’s parameters. It rebounded from the 156.60 level and is currently consolidating near 157.60.
Market analysis indicates that the stability of the bullish channel’s support at 156.00 will play a pivotal role in confirming the bullish scenario. If this support level holds, it is anticipated that the pair will gain positive momentum in the current trading period, with an initial target set at the 158.55 level. Success in breaching this resistance may lead to renewed pressure on the 159.60 obstacle.
For today’s trading session, experts anticipate the EUR/JPY pair to trade within a range bordered by the support level at 157.00 and the resistance level at 158.55. The prevailing trend for today is bullish, and traders are closely monitoring these key levels for potential trading opportunities.