The EURJPY pair continues to exhibit strong bearish momentum, driven by consistent negative pressures. The pair recently broke through the support line of a minor bearish channel at 160.20, bringing it closer to the next key target at 159.35.
However, the stochastic indicator approaching oversold territory may prompt some consolidation or sideways movement. It is crucial to monitor the price action near the 159.35 level, as this will help confirm the continuation of the bearish trend. A break below 159.35 would likely pave the way for further downside, with the next support target set at 158.55.
The expected trading range for today is between 158.80 and 160.20.
Trend Forecast: Bearish
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