The EURJPY pair recently approached its second positive target at 163.80, but experienced a downturn influenced by a stochastic decline toward the 50 level. This resulted in a temporary correctional rebound, with the pair touching the 162.92 level.
Despite this correction, the overarching bullish trajectory remains intact, supported by the stability within the bullish channel. Furthermore, the 162.50 level continues to provide consistent additional support. These factors alleviate concerns, allowing for the anticipation of gathering positive momentum to facilitate surpassing the 163.80 level and progressing toward the next target at 164.30.
Today’s expected trading range is anticipated to fall between 162.70 and 163.50.
Overall, the prevailing trend for today is assessed as bullish.