The EURJPY pair has shown signs of reverting back to its correctional bearish trend as it dipped below the additional support level at 158.55 during the previous week. This led to some losses, with the price reaching 157.88.
The sustained negative closes below the previously broken support, coupled with the bearish signals from the stochastic indicator, indicate the likelihood of more downward moves. The pair may target the support line at 157.00 shortly, and a break below it could push the price lower, heading towards 156.55 directly.
The expected trading range for today is between 158.30 and 157.00.
Today’s expected trend: Bearish