The EURJPY currency pair has successfully breached the support line of a minor bullish channel at 162.20, triggering a negative move that has seen it reach its first target at 160.90.
Key Observations:
The 50-period moving average (MA55) is currently near the broken support level at 162.65, which may act as resistance in the short term.
The Stochastic oscillator continues to indicate a negative momentum, supporting the bearish outlook for the pair.
Given these factors, further declines are likely, with potential targets at 160.15 and 159.65.
Expected Trading Range:
- Support: 160.15
- Resistance: 162.15
Trend Forecast: Bearish
Traders should monitor the MA55 at 162.65 for resistance, while keeping an eye on the potential for further downside toward the 160.15 and 159.65 levels in the coming sessions.
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