The EURJPY pair has confirmed its inclination towards a correctional bearish trend, evident in the recent negative close below the additional support level of 162.10. This shift has led to clear losses, with the pair reaching 161.45.
The conflicting signals between the Moving Average 55 (MA55), which consolidates below the price, and stochastic indicators attempting to introduce additional negative momentum suggest potential market instability. This may result in the formation of mixed sideways trades. However, if the pair descends below 161.25, it could experience further losses, potentially testing the support line of the main bullish channel at 160.65.
The expected trading range for today is projected to be between 161.85 and 161.25, with an overall bearish trend anticipated for the day.