The EUR/JPY currency pair has exhibited mixed trading recently, but its inability to gain momentum while remaining below the 158.00 barrier suggests a continuation of the bearish trend in the near term. The price is currently fluctuating around the support level of 157.20.
For the bearish outlook to strengthen, the pair requires additional negative momentum to facilitate a break below the 156.50 level. This would pave the way for a move towards 156.00, followed by a potential drop to the 155.00 mark. Conversely, if the price can surpass and maintain levels above 158.00, it may negate the current negative trend, opening the possibility for a new bullish trajectory with an initial target of 159.20.
The expected trading range for today is between 156.50 and 157.80.
Trend Forecast: Bearish
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