The EURJPY pair didn’t settle above 172.00 level, affected by stochastic exit from the overbought level, forming some of the bearish correctional waves and its stability near 171.65.

 

The continuation of the negative pressures will force it to suffer more of the losses, to expect attacking 170.45 level, to extend the losses towards 169.80 which might form a neckline for the negative double top level, therefore, we recommend monitoring the price behavior when reaching this level to detect the main trend in the upcoming trading.

 

The expected trading range for today is between 170.45 and 172.30

 

Trend forecast: Bearish