The EUR/JPY pair is currently influenced by the strength of the additional barrier at 161.80, leading to the formation of sideways fluctuations and settling at 161.20. The primary stability within the bullish channel relies on the support at 160.80, allowing for the anticipation of gathering positive momentum to renew pressure on the mentioned barrier.
The successful breach of the 161.80 barrier is deemed crucial, as it could facilitate the task of achieving new gains. Possible targets for such gains include 162.30 and 163.00.
The expected trading range for the day is between 160.90 and 161.80. The overall trend for the day is anticipated to be bullish. Traders will likely monitor the behavior around the support and resistance levels for potential trading opportunities.