The EURJPY pair ended its bearish corrective attempts after touching the first target at 184.85, which in turn formed an additional support level, giving the price an opportunity to renew its bullish attempts, with the pair currently stabilizing around 185.45.

 

Noting that the continued conflict between the main indicators, along with the continued formation of 186.05 as a strong barrier against further bullish attempts, may force the price to move sideways with mixed trading during the current period. Should the pair come under renewed negative pressure, it may be forced to form new corrective waves, attempting to break below 184.85 and then target the 55-period moving average, currently positioned near 184.40.

 

The expected trading range for today is between 184.40 and 185.50

 

Trend forecast: Bearish