The EURJPY currency pair triggered a bearish signal yesterday, initially reaching the 160.50 level before rebounding to 161.60, where it is currently testing the previously broken support level.
For the negative outlook to strengthen, the pair must close below the current support level. A sustained drop below this level would open the door to further declines, with initial targets at 159.80 and subsequently 158.35 in the medium term. Conversely, if the EURJPY holds above 161.60, it would negate the bearish forecast and potentially drive the pair towards 162.10, followed by 162.75, before any new bearish targets are considered.
The expected trading range for today is between 161.80 and 159.80.
Trend Forecast: Bearish
Related topics: