The EURJPY pair surrendered to the stability of 164.80 barrier to notice forming correctional bearish waves to settle near 162.20, testing the minor bullish channel’s support line that appears on the chart.

 

Note that crawling below the MA55 and stochastic continuous negative momentum might force the price to break the current support and suffer additional losses by crawling towards 161.60 and 161.00 levels, while holding above the support will reinforce the chances of forming bullish waves, to wait to rally above 163.30 to confirm its preparation to activate the bullish track again.

 

The expected trading range for today is between 161.60 and 163.00

 

Trend forecast: Bearish