The EUR/JPY currency pair has experienced renewed downward movement, closing below the 61.8% Fibonacci retracement level at 161.60 last Friday. This confirms a bearish bias as the pair settles near the 158.70 mark, as illustrated in the chart.
Current indicators suggest increased negative momentum, indicating the likelihood of further declines. Immediate pressure is expected on the next support level at 157.90; a break below this level could lead to additional losses, potentially extending towards 156.85 and 156.05.
The anticipated trading range for today is between support at 158.00 and resistance at 160.20.
Trend Forecast: Bearish
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