The EUR/JPY currency pair has temporarily paused its upward movement after losing bullish momentum and slipping below the 163.25 level during the previous session. However, the pair has since found solid footing near the 55-day moving average, now acting as support at 161.90.
This support level is critical in maintaining the overall bullish outlook. As long as the price holds above 161.85, there is growing potential for the pair to resume its upward trajectory. A decisive break above the 163.25 barrier would serve as confirmation of renewed bullish momentum, opening the path toward the next targets at 164.20 and 164.90.
Expected trading range for the day:
Support: 161.85
Resistance: 163.25
Trend outlook: Bullish
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