The EURJPY pair executed a clear negative move yesterday, reaching the initial target at 156.55. It later staged a bullish rebound influenced by a stochastic rally above the 50 level, achieving the 157.15 level.
With major indicators showing conflicting signals, the price may engage in mixed trades. However, if it maintains stability below the minor bearish channel’s resistance and the 158.05 level, this will confirm the previously anticipated bearish scenario.
Therefore, it is advisable to await the collection of negative momentum to facilitate a break of the 156.55 level and potentially reach additional bearish targets, starting at 156.20 and extending to 155.50.
The expected trading range for today is between 157.50 and 156.55.
Expected trend for today: Bearish