The EUR/JPY pair has witnessed a consistent decline marked by distinct negative trades, primarily influenced by the frequent oscillation within a bearish channel. This downward trajectory led to a breach of the 159.70 support line, settling below it at 160.90.
Current market indicators are signaling a continuation of the negative momentum, suggesting the potential for the formation of new bearish movements. The focus is now on the support line of the bearish channel at 159.10, with a breakthrough indicating a further move towards a new downward level, targeting the 158.50 level initially.
Today’s expected trading range is anticipated to fluctuate between 160.00 and 159.10, with the prevailing trend outlook remaining bearish. Traders should be vigilant for further indications of the bearish sentiment dominating the EUR/JPY pair.