The EURJPY pair has maintained stability above the 23.6% Fibonacci retracement level at 195.25, reducing the downward pressure and signaling the potential start of a bullish correction. The price has recently touched 160.10, indicating a shift in momentum.
With the stochastic indicator rising above the 50 mark, positive pressure is building, suggesting a potential break above the 160.30 resistance level. If this occurs, the pair could target further gains, with the next resistance levels seen at 160.75 and 161.20.
Expected trading range for today: 159.60 – 160.75
Trend forecast: Bullish
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