The EURJPY pair has successfully established a fresh minor bullish channel, consolidating the dominance of the bullish scenario by securing a position above the 158.55 support line. Additionally, the stochastic indicator’s departure from oversold territories is anticipated to infuse the price with newfound positive momentum. This is expected to facilitate renewed attempts to overcome the 160.40 obstacle, paving the way for targeting positive milestones commencing at 160.85 and extending to 161.45.
Conversely, a decline below the support line of the bullish channel, coupled with a negative close, could necessitate a temporary halt to the bullish advance. In such a scenario, the activation of a corrective bearish trajectory becomes a possibility, potentially resulting in significant losses as the pair moves towards 158.00, followed by reaching additional support at 157.05.
The projected trading range for the day is poised to fluctuate between 158.75 and 159.65.
In summary, the prevailing trend expectation for today remains bullish, contingent upon the maintenance of the established bullish channel. Traders are advised to exercise vigilance and monitor closely for any developments that may signal a shift in market dynamics.