The EURJPY pair has lost its positive momentum after reaching the 183.90 level. The loss of momentum is attributed to stochastic indicators moving out of overbought territory, resulting in a correctional rebound. The pair has since fluctuated below the 161.60 support line and has touched 161.03.
Continuous negative pressures and a confirmed break below the 161.60 support line may further the bearish trend, with a target of 160.25 as the next key level. Traders should monitor the pair’s behavior around this level to adjust strategies for potential further declines.
Today’s expected trading range for EURJPY is between 162.60 and 160.25.
Trend Forecast: Bearish
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