The EUR/JPY pair has managed to maintain its position above the crucial support line within the primary bullish channel, situated at 156.65. Recent developments have seen the pair register gains, propelling it towards the 157.60 level. However, it’s worth noting that stochastic indicators are exhibiting fluctuations below the 50 level. This could lead to short-term sideways movements until sufficient positive momentum is gathered to facilitate further gains, potentially pushing the pair towards 159.20. Should this obstacle be surpassed, the next major target would be 160.60.
Conversely, succumbing to bearish pressures and slipping below the aforementioned critical support would negate the positive outlook and signify a potential shift towards a bearish bias. In such a scenario, we may anticipate targeting various downside levels, commencing at 156.00 and extending to 155.45.
The expected trading range for today lies between 157.00 and 159.20.
Anticipated trend for today: Bullish