The EURJPY pair has succumbed to a pronounced bearish bias, recently dipping below the 61.8% Fibonacci correction level at 160.20. This decisive move confirms a shift to a new negative trajectory, with the pair reaching 159.10.
Anticipated Sideways Movement: In the near term, we may observe some sideways trading as the stochastic indicator attempts to exit oversold areas. However, the formation of new closings below the 160.20 level will reinforce the prevailing bearish sentiment. Such a scenario could pave the way for further declines, targeting levels around 158.75, followed by 158.45.
Expected Trading Range: The expected trading range for the current session is projected to be between 159.90 and 158.75.
Overall Trend Outlook: The overall trend for today is expected to be bearish, as the pair continues its downward trajectory. Traders are advised to monitor price actions and key support levels for potential further insights into the market direction.