The EURJPY pair maintained its sideways movement below the resistance barrier at 187.40 during yesterday’s trading before reacting to the negative economic data. This led to a sharp bearish move, as the pair slipped below the ascending channel support at 185.65, suffering significant losses and reaching 182.45, before quickly rebounding to stabilize around 184.75.

 

For now, we will rely on the 185.40 level as an important additional resistance barrier. Repeated stability below this level would confirm the pair’s shift toward the bearish scenario, with the price expected to move lower toward 184.00, followed by an attempt to confirm a break below the support level at 183.95.

 

The expected trading range for today is between 184.00 and 185.30

 

Trend forecast: Bearish