The EURJPY currency pair encountered significant positive momentum yesterday, driven by stochastic readings above the 50 level. This led to bullish movements, allowing the pair to surpass the 161.60 level and test the 162.75 barrier.
Ongoing fluctuations below the 162.75 level may diminish the likelihood of sustaining bullish momentum, potentially resulting in a decline towards the 161.00 and 160.20 levels. Conversely, if the pair breaches and maintains stability above the 162.75 barrier, it could reactivate the bullish trend, with an initial target set at 164.25.
Today’s expected trading range for EURJPY is between 161.00 (support) and 162.75 (resistance).
Trend Forecast: Bearish
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