Tokyo, Japan, September 28, 2023 (GLOBE NEWSWIRE) – The EURJPY currency pair has exhibited a preference for bearish momentum, as it embarked on a new downward trajectory. This movement resulted in the pair trading below the support of a previously established bullish channel, marked at 157.50, and ultimately reaching the historical support level near 156.70, where it currently resides.
A noteworthy aspect of this development is the consistent negative momentum provided by the stochastic oscillator. This momentum adds weight to the probability of overcoming the current obstacle, reinforcing its readiness to explore further negative milestones. Analysts anticipate that the 155.45 level will serve as the initial primary target within the bearish trajectory, with a potential further objective at 154.80.
For the trading day, market participants should monitor the expected trading range, which is anticipated to fluctuate between 157.40 as resistance and 156.00 as support. These levels are key reference points for potential trading opportunities in the EURJPY pair.
In conclusion, the EURJPY currency pair has exhibited a clear inclination towards bearish sentiment, with a recent breakdown of the established bullish channel. Traders are now eyeing the 155.45 level as a potential target, as the pair navigates this bearish course.