The EURJPY pair lost its bearish momentum during yesterday’s trading after touching the 176.50 level, maintaining its stability above the additional support at 175.75. The pair then began forming corrective waves, taking advantage of stochastics’ approach toward the 50 level, achieving some gains and reaching 177.75.

 

The pair may continue its corrective trading; however, its overall stability below the additional resistance barrier at 179.30 supports the dominance of the bearish trend in the upcoming trading sessions. A breakout above this barrier, on the other hand, would give the pair an opportunity to record further gains, potentially reaching 180.10 before renewing pressure on the resistance level near 180.80.

 

 

The expected trading range for today is between 176.80 and 178.70.

 

 

Trend forecast: Fluctuating within a bearish trend