EURJPY Price Analysis
The EURJPY pair traded within narrow ranges yesterday, oscillating between the additional support at 170.70 and the solid resistance at 171.60. The resistance continues to impede any attempts to resume a bullish advance.
Consequently, a neutral stance is advisable for today, awaiting a breakout above one of these levels to determine the next targets for the near-term and medium-term outlooks. A breach above the resistance could pave the way for further gains towards 172.00 and 172.65. Conversely, a breakdown below the support and sustained trading below it would signal a corrective bearish phase, potentially targeting levels at 170.10 and 169.55.
Expected Trading Range
- Support: 170.70
- Resistance: 171.60
Trend Forecast: Sideways
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