The EUR/JPY currency pair has successfully breached the additional support level of 160.20, affirming the prevailing bearish trend. The pair is now targeting further declines, with a potential drop to 158.70.
The stochastic indicator is approaching oversold territory, which may lead to some consolidation or sideways movement as the market gathers additional negative momentum. This consolidation could help facilitate a push towards the next support level at 158.00. A break below 158.00 could extend the decline to 157.25.
Today’s expected trading range is between 158.00 and 160.00.
Trend Forecast: Bearish
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