The EUR/JPY pair is showing signs of resilience against recent bearish pressures, as it attempts to maintain a position above the 55-period moving average. This level is providing strong support around 162.15, bolstering prospects for a bullish trend. The pair is gathering positive momentum, which could facilitate a rally towards the initial target of 163.35. Surpassing this resistance could open the path for further gains, with key levels at 163.90 and 164.80 in sight.
Conversely, a renewed bearish push that drives the price below the 55-period moving average could trigger a stronger downward correction. In that scenario, losses may extend towards support levels at 161.10 and potentially 160.40.
Today’s expected trading range lies between 162.15 and 163.35.
Trend forecast: Bullish
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