The EURJPY currency pair has yielded to prevailing negative pressures, exacerbated by persistent resistance below the 169.60 level. This bearish trend has driven the pair below the 167.40 mark, with further declines expected towards 165.05.
The 166.40 level is currently acting as an additional resistance barrier, while the stochastic indicator suggests that the pair is approaching oversold conditions. This reinforces the bearish outlook for both the near-term and medium-term trades. A breach of the 164.75 level is anticipated, potentially extending losses towards the next significant target at 164.05.
The expected trading range for today is between 166.40 and 164.75.
Trend Forecast: Bearish
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