The EURJPY currency pair has maintained its stability within the confines of a bullish channel. However, it is currently experiencing a period of sideways fluctuation near the 158.00 level. The lack of strong positive momentum is delaying the potential for achieving the previously suggested upward price targets.
It is crucial for the EURJPY pair to hold above the support level provided by the bullish channel at 157.00. Maintaining this level of support is vital to reduce the likelihood of a shift in the overall bullish trajectory. Traders should remain patient, waiting for the pair to gather sufficient positive momentum.
The activation of a bullish rally will allow the EURJPY to target initial gains near the 159.20 level. If this obstacle is successfully surpassed, it may lead to further upward movement, with potential targets at 159.80 and 160.60.
In terms of expected trading range, traders can anticipate fluctuations between 157.60 and 158.75.
Overall, the current trend for the EURJPY pair is leaning towards a bullish outlook, contingent on the pair maintaining its support level within the bullish channel and gathering the necessary positive momentum for further price appreciation.