The EUR/JPY pair has successfully surpassed the 161.10 resistance level last Friday, achieving additional gains by reaching 161.98 and approaching the resistance line of the bearish channel at 162.20.
The price is expected to test this resistance level soon, and market participants should watch for the price action around this level to determine the next primary trend. If the pair remains below the resistance, it could trigger a strong bearish move, potentially targeting the 160.10 level. However, a break above the resistance will confirm further upward momentum, with 162.55 as the first target.
The expected trading range for today is between 161.10 and 162.20.
Trend Forecast: Bullish
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