The EURJPY pair provided new negative closes below the moving average 55 at 161.20 level, which forces it to return to settle within the bearish channel’s levels, to begin targeting some of the negative stations by reaching 159.60.

 

The contradiction between the main indicators might force the price to form mixed waves, but the chances of activating the bearish track will remain valid, if the trading settled below the bearish channel’s resistance at 160.75, to expect forming an initial negative target at 158.90 level, reaching 157.40 in the near period trading.

 

The expected trading range for today is between 158.90 and 161.00

 

Trend forecast: Bearish