The EURJPY pair formed new bullish rally, to record the initial extra target at 174.25, then bounced quickly to retest the breached barrier, which represents a new support at 173.40.

 

The suggested scenario depends on the stability of the current support, as the price stability makes us expect renewing the bullish attempts to target new positive stations that begin at 175.20, while facing negative pressures and reaching below this support will increase the chances for activating the bearish correctional track again, which forces it to suffer some losses by reaching 172.80, followed by the support of the bullish channel at 171.15.

 

The expected trading range for today is between 173.40 and 175.20

 

Trend forecast: Bullish