The EURJPY currency pair continues to exhibit a notable bearish bias, firmly establishing its dominance in the market. Following its recent test of the 160.80 resistance level, the pair has launched a strong negative move, approaching its first primary target at 158.80.
However, it’s important to acknowledge the presence of a divergence between key technical indicators, which could contribute to the formation of mixed sideways movements. This may temporarily delay the achievement of further bearish momentum, making it necessary to remain patient and await the resumption of the negative trend, with a goal to breach the 158.80 level and subsequently set sights on the next station at 158.40.
For today’s trading activities, the anticipated trading range is expected to span between the support level at 158.80 and the resistance level at 159.70.
In summary, the EURJPY pair remains committed to its bearish trajectory, driven by its recent rejection at the 160.80 resistance. Nevertheless, the existence of technical indicators that don’t uniformly support the bearish outlook might lead to mixed price movements. It’s imperative to keep an eye on market developments and remain vigilant for the potential reassertion of the bearish momentum, with the next target lying at 158.40. The expected trading range for the day is seen between the support at 158.80 and the resistance at 159.70, with the overall trend suggesting a bearish bias.