The EURJPY pair has shown signs of yielding to repeated downward pressures, indicating the emergence of new bearish tendencies. This is evident in its recent behavior, with negative pressures taking a toll on the previously established bullish channel support at 157.30. Additionally, the stochastic indicator has dipped below the 50 level, further affirming the bearish sentiment.
It is advisable to closely monitor price movements and await the next closing to identify potential price targets in upcoming trading sessions. Should the price remain below the current support, this would likely trigger a direct decline towards the additional support level at 156.70. A breach of this level could set the stage for a move towards the initial target at 156.00, with potential further decline to 155.45 in the near term.
The expected trading range for today is anticipated to fluctuate between 157.70 and 156.00.
Overall, the prevailing trend for today is bearish.