The EURJPY currency pair reached a target of 161.60 during its recent bullish rally, encountering a robust barrier at this level, which coincides with the 61.8% Fibonacci correction level on the chart. This resistance has hindered further upward movement.
The divergence among key indicators suggests a prevailing sideways bias, indicating that trading is likely to be confined between the established barrier at 161.60 and the additional support at 160.25. Should the pair successfully break above the barrier and maintain stability beyond it, there would be increased potential for a renewed bullish rally, with medium-term targets set at 162.75 and potentially 164.20.
Today’s anticipated trading range is between 160.40 and 161.60.
Trend Forecast: Sideways
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