The EURJPY pair recently neared its correctional target at 160.25 before rebounding above the 161.60 support level, attempting to reestablish its bullish bias by reaching as high as 162.90.
However, the stochastic indicator’s movement suggests that the pair may face resistance to further upward momentum, potentially leading to sideways trading between the 161.60 support and the 163.90 resistance level. If the pair closes below the 161.60 support, this could trigger a more pronounced bearish move in the near term.
Today’s expected trading range is between 161.60 and 163.60.
Trend Forecast: Bullish
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