The EURJPY currency pair has encountered significant resistance at the 171.60 level, preventing further bullish movement. The pair has since dropped below the 170.65 mark and is now testing the main bullish channel’s support line at 169.90.
Stochastic indicators are showing a negative momentum near the 20 level, suggesting a potential breach of the bullish channel’s support line. If this occurs, the EURJPY may shift to a bearish trend, with possible declines targeting 169.25 and 168.40.
The anticipated trading range for today is between 169.25 for support and 170.60 for resistance.
Trend Forecast: Bearish
Related topics: