The EURJPY pair has signaled a postponement in its bullish momentum after being unable to breach the 161.80 barrier. Instead, it is observed to be trading below the minor bullish channel’s support line at 161.00, displaying a clear negative trend as it approaches 160.35.
The persistent stability below the mentioned barrier, coupled with the stochastic indicator’s attempt to generate negative momentum, is expected to enhance the efficiency of the correctional bearish trajectory in both the near-term and medium-term outlooks. Consequently, additional losses are anticipated, with the pair moving towards 160.05, followed by reaching the subsequent support line at 159.55, which holds the key to determining the next trend direction.
The expected trading range for today is projected to be between 161.20 and 160.05, indicative of a bearish trend prevailing in the market.