The EURJPY pair approached the resistance line of the bearish channel at 162.40 yesterday, reaching the previously projected targets before reversing and initiating negative price action, moving towards the 55-period moving average (MA55) at around 160.85.
The continued stability of the resistance line, coupled with the stochastic indicator suggesting negative momentum, points to the likelihood of further downward movement. As a result, the pair is expected to target the 160.00 level, followed by 159.30. However, if the price manages to break above the resistance line and maintain that position, it could shift the trend to a bullish direction, with targets at 162.70 and 163.25.
The anticipated trading range for EURJPY today is between 160.00 and 162.00.
Trend Forecast: Bearish
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