The EURJPY pair approached the second target at 161.65, while the negative momentum that the major indicators started to provide by the MA55 that forms additional barrier at 160.90 and stochastic attempt to exit the overbought areas pushed the price to activate the correctional decline to settle near 159.50.

 

We expect to form some sideways trades to attempt to hold above the additional support at 158.85, while gathering the additional positive momentum will push the price to start forming bullish waves to target 160.20 soon, followed by attempting to confirm breaching the MA55 to ease the mission of recording new gains on the near-term and medium term basis.

 

The expected trading range for today is between 159.00 and 161.20

 

Trend forecast: Bullish