EURJPY continued to trade negatively amid prevailing bearish factors, including repeated stability below the resistance barrier near 177.80, alongside continued negative momentum signals from the main technical indicators. As a result, the pair has now reached its previously suggested downside targets, falling to 175.20, where it encountered a strong historical support base, prompting a swift rebound toward 176.10.

 

We expect the price to begin forming short-term bullish corrective waves as long as it holds above 174.90, attempting to recoup some of its losses by gradually advancing toward 176.55 and 177.00, respectively. Conversely, a break below the current support level, followed by continued trading beneath it, would expose the pair to further losses, with downside targets at 174.55 and 173.95.

 

 

The expected trading range for today is between 175.00 and 176.55.

 

Trend forecast: Fluctuating