The EURJPY currency pair resumed its corrective bearish movement in the previous session by breaking through the 159.45 support level. It then proceeded to test the critical resistance at 160.85, subsequently closing below it. The forthcoming scenario is dependent on the strength of this resistance, with trading below it suggesting the likelihood of significant bearish trades. The pair may attempt to breach the 159.45 level once more, ultimately targeting 158.80.
Conversely, the emergence of new upward pressures, resulting in a rally above 160.85, would confirm a return to a bullish bias and place the pair within the bullish channel once again. This scenario could lead to further upward movements in the future, with initial targets set at 161.35, followed by 163.20.
For today’s trading, the expected range is projected to fluctuate between the support level at 160.60 and the resistance level at 158.80.
Current Trend: Bearish