EUR/JPY Pair Price Analysis
Expected Scenario
The EUR/JPY pair has provided a new negative close below the 174.50 resistance line, resulting in some correctional bearish waves that have brought the price down to the 173.70 level. Despite the contradiction among major indicators, the stochastic attempt to crawl below the 50 level suggests an increased efficiency of the negative trend. We anticipate a break below 173.65, opening the way to reach the next negative target at 172.80.
Supporting Factors
It is important to note that if the pair succeeds in breaching the 174.50 resistance and holding above it, this will confirm a move to a new positive station, suggesting more bullish attempts that might target new historical levels starting at 174.70 and 175.20.
Expected Trading Range
Today’s anticipated trading range for EUR/JPY is between the 174.25 resistance level and the 173.00 support level.
Trend Forecast
The trend forecast for EUR/JPY remains bearish.
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