The EUR/JPY pair appears to be indicating a potential shift towards renewed bullish attempts. This positive sentiment has been spurred by a recent close above the additional support level at 157.00. The pair has initiated some upward movements, reaching the 158.00 level.
In order to solidify this bullish sentiment and record new gains, it is crucial for the pair to continue gathering positive momentum and maintain its position above the mentioned support. This could potentially lead to further advances, with anticipated levels at 158.35 and 159.20.
However, it’s worth noting that a decline below the current support, accompanied by a daily close below this level, would activate a bearish scenario. This would likely result in multiple losses as the pair moves towards 156.40, followed by 155.45.
The expected trading range for the day is anticipated to fall between 157.25 (as support) and 158.35 (as resistance).
In conclusion, the EUR/JPY pair is currently displaying signs of a bullish trend, with the potential for further upside momentum. As always, traders are advised to perform their own comprehensive analysis and consider consulting with financial experts before making trading decisions.