EUR/JPY Fluctuates Near Support – Market Forecast for November 12, 2024

The EUR/JPY pair encountered additional negative pressure yesterday, fluctuating below the 55-period moving average (MA55) and with the stochastic indicator nearing the 20 level. This caused a delay in the bullish momentum, resulting in the pair settling near the 163.25 support level.

The stability of this support line is crucial to maintaining the likelihood of a bullish reversal. A rebound from this level could target the 164.30 and 164.90 levels. However, a break below the support could signal the activation of a bearish correction, potentially pushing the pair down to 162.75 and 162.15 before any positive momentum is seen.

Expected Trading Range for Today: 163.25 – 164.30

Trend Forecast: Bullish

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