Technical structure supports potential breakout above key resistance.
The euro continued to exert upward pressure against the Japanese yen, with EUR/JPY targeting the resistance level at 166.45. Despite mixed signals from technical indicators in recent sessions, the pair’s persistent strength suggests growing potential for extended gains in the near to medium term.
The pair remains firmly positioned within a bullish channel, drawing additional support from the 164.75 level. This structural setup reinforces the outlook for a possible breakout above the current resistance zone. A successful breach of 166.45 would pave the way for a move toward 167.25, followed by a potential test of the channel’s upper boundary near 168.90.
For today’s session, the expected trading range lies between 165.80 and 167.25.
Trend Outlook: Bullish
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