The EURJPY currency pair commenced today’s trading session with a forceful positive rebound, propelling it closer to the substantial resistance at the 159.45 level. The immediate outlook hinges on the strength of this resistance barrier, with expectations leaning towards a potential revival of bearish attempts targeting the 158.40 level and possibly extending to the additional support at 157.00.
However, a breakthrough of the current resistance and its ability to hold above it would signify the resurgence of a bullish correctional trend. This scenario would incline us towards aiming for new positive milestones, which might extend to 160.00, ultimately culminating in a test of the critical resistance at 160.60.
Today’s Expected Trading Range and Trend
The projected trading range for the current day is estimated to fluctuate between 150.40, offering support, and 158.40, serving as a resistance level. The anticipated trend for today, in contrast to the previous expectation, has shifted towards a more bearish sentiment in the EURJPY currency pair.
Market participants are advised to closely monitor these developments as they position themselves in response to the evolving dynamics within the EURJPY market.