Expected Scenario
The EURJPY pair has successfully achieved the first additional target at 170.35, following which it experienced a temporary negative rebound. This pullback was influenced by stochastic exiting from overbought areas, causing the pair to crawl towards the current level around 169.90.
In the short term, correctional trades may extend further towards 169.30, potentially testing the MA55 (55-day Moving Average) as a support level. However, the overall outlook remains bullish as the pair prepares to gather positive momentum once again.
Expected Targets
Looking ahead, the EURJPY pair is anticipated to form new bullish waves aiming to reach the next positive target at 171.10. It is crucial for the pair to maintain support above the 168.90 level to sustain this bullish momentum.
Expected Trading Range
The expected trading range for EURJPY is between 169.35 and 170.35. These levels represent significant support and resistance zones where traders can monitor price action for potential entry and exit points.
Trend Forecast: Bullish
Based on the analysis of current price movements and technical indicators, the trend forecast for EURJPY remains bullish for today’s trading session. Traders should consider opportunities to capitalize on potential upward movements while being mindful of support levels mentioned to gauge market sentiment.
This analysis provides a strategic outlook for navigating EURJPY trading, highlighting key levels and momentum indicators critical for informed decision-making in the foreign exchange market.
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