The EURJPY pair encountered resistance at the 163.20 barrier, leading to a period of mixed trading with fluctuations that brought it to around 162.55. However, recent market movements suggest a renewed attempt to resume the bullish trend.
The prevailing stability within the primary bullish channel, coupled with the establishment of additional support at 162.25, creates a favorable environment for anticipating the accumulation of positive momentum. This, in turn, is expected to facilitate the breakthrough of the aforementioned barrier, paving the way for the pair to achieve new gains. Initial targets stand at 163.70 and 162.25.
Today’s projected trading range is forecasted to fluctuate between 162.55 and 163.20, indicating an overall sideways trend for the day.
In summary, the EURJPY pair is on the brink of surpassing the 163.20 barrier, and with the main bullish channel and supplementary support in play, the analysis leans towards an optimistic outlook, anticipating a potential rally towards 163.70 and 162.25. The overall trend for today is expected to be sideways.