The EUR/JPY pair continues to exhibit sideways movement, hovering near the 162.00 mark as it struggles to gather sufficient bullish momentum. Mixed trading behavior has persisted, with the pair finding near-term support at the 55-day moving average around 161.40, while resistance remains firm at 163.25—limiting upward potential.
Technical indicators suggest bearish pressure may be mounting. The stochastic oscillator has dipped below the 50 level, signaling weakening momentum and increasing the likelihood of a bearish breakout. Should support at 161.40 fail, the pair could decline further toward the next targets at 160.65 and 159.80.
The expected trading range for the day is between 160.65 and 162.50.
Trend forecast: Bearish
Related topics: