The EURJPY currency pair recently halted its corrective bullish rebound as it confronted the resistance offered by a minor bearish channel, a level situated at 158.10. Subsequently, the pair exhibited a sharp decline, finding support at the MA55 and settling at 157.20.
Persistently trading beneath the aforementioned resistance, coupled with signs of additional negative momentum as indicated by stochastic indicators, suggests a potential bearish scenario. Market observers are keenly watching for a breach of the 157.10 support level, which, if achieved, would likely pave the way for a resumption of bearish pressures. Initial targets in such a scenario encompass the 156.55 and 156.20 levels.
For today’s trading session, market participants should remain vigilant, with the expected trading range spanning from 157.75 to 156.55, reinforcing the prevailing bearish sentiment.
Today’s Trend Outlook: Bearish