The EURJPY pair has demonstrated a resurgence in positivity, successfully surpassing the 158.90 level and maintaining its position above it. The currency pair has re-entered the bullish channel, marking the commencement of significant gains by reaching the 159.95 level. The prevailing positive momentum is supported by key indicators, with stochastic showing signs of settling within the overbought areas.
These favorable conditions suggest the likelihood of exerting strong upward pressure on the 160.40 level, serving as the next pivotal point for short-term trades. Surpassing this obstacle could propel the price towards 161.15, representing the subsequent major target for bullish trades.
In the current scenario, the anticipated trading range for the day is projected to be between 159.20 and 160.40, indicating the potential scope for price movements within this range.
Overall, the expected trend for the day is deemed bullish, aligning with the positive momentum observed in the major indicators. Traders and investors are encouraged to monitor the developments around the 160.40 level, as a breakthrough could signify further upward movement in the EURJPY pair.