The EURJPY pair faced a setback as it struggled to reclaim its bullish stance, resulting in a new close below the critical resistance level of 158.80. The pair swiftly declined to 157.85. Despite this, notable indicators continue to exhibit positive momentum, and the additional support at 157.00 remains stable. These factors contribute to the likelihood of renewed bullish attempts, potentially reapplying pressure on the resistance to regain footing within the established bullish channel.
Conversely, should the pair dip below 157.00 and record a negative close, it could signify a shift in the bullish outlook. Such a scenario might pave the way for the formation of robust bullish waves, potentially incurring significant losses, with the initial targets set at 156.20 and 155.30.
The anticipated trading range for today is expected to fluctuate between 157.50 and 158.80.
As of now, the expected trend for today leans towards a bullish outlook, contingent on the pair’s ability to renew its bullish attempts and challenge the resistance levels.