The EUR/JPY currency pair concluded its latest bullish rally by reaching a resistance level at 164.90, aligning with the target highlighted in previous reports. The pair then experienced a swift downward correction, stabilizing near 164.25.
This resistance has created a temporary obstacle, despite the ongoing positive momentum indicated by key technical indicators. As a result, the pair has entered a period of mixed, sideways trading. Traders are advised to wait for a breakout above the current resistance level to confirm the potential for further gains. If this occurs, the next targets could be 165.45 and 165.85.
Today’s projected trading range: 163.80 to 164.90
Trend outlook: Sideways
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