The EURJPY pair remained below the 160.90 resistance level, marked by the 55-day moving average (MA55), last Friday. This level continues to act as a strong barrier against further bullish movement, leading to a period of sideways trading near 160.00.
Despite the current consolidation, the pair maintains a bullish outlook as long as it holds above the key support level at 158.85. If EURJPY gathers enough positive momentum, it could break past the resistance and aim for 161.65, followed by 162.00.
However, if strong bearish pressure forces a decline below 158.85, the pair may face significant losses, potentially dropping to 158.30, with an extended decline toward 157.30.
Expected Trading Range for Today:
Support: 159.40
Resistance: 160.90
Trend Forecast: Bullish
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