In a notable shift, the EURJPY pair has capitalised on consistent upward pressures, successfully negating its previous negative trajectory. This is highlighted by a recent positive closure above the pivotal 161.90 level, with subsequent gains propelling it towards 162.20.
The stochastic indicator’s ascent towards overbought territories further bolsters the likelihood of accruing additional positive momentum. Observing a breach of the 162.35 resistance is now pivotal, as it would secure a position within the bullish channel, paving the way for substantial gains. A promising start to this upward trajectory may be anticipated at the 162.70 level.
The anticipated trading range for the day is expected to fluctuate between 161.80 and 162.70.
Today’s prevailing trend is confidently forecasted as bullish, underlining the optimistic outlook for the EURJPY pair.