The EURJPY currency pair has managed to maintain stability above the crucial 157.00 support level, leading to the formation of several bullish movements. It has touched the level of 158.95 recently. The prevailing negative pullback is unlikely to have a significant impact on the overall bullish sentiment due to the positive indications from major technical indicators. As a result, traders can anticipate a potential rally towards the resistance at 159.45, which plays a pivotal role in determining the next major trend.
However, it’s important to be aware that if the price attempts to decline below the additional support at 157.00 and successfully holds below this level, it could trigger a bearish trend once again. In such a scenario, the currency pair might face substantial losses, with the potential to decline towards 156.40 and 155.50.
For today’s trading, the expected range is between 157.70 (support) and 159.45 (resistance). As of now, the overall trend appears to be bullish, but it is essential to monitor the price’s behavior near the key levels to make informed trading decisions.