The EUR/JPY currency pair is currently experiencing negative pressure, trading in a narrow range around 162.15. This price movement is influenced by persistent resistance at 163.25, which acts as a significant barrier, alongside the negative momentum indicated by major technical indicators.
Given these conditions, there is a strong likelihood of renewed pressure on the 161.60 level. A break below this support level would signal a continuation of the correctional bearish trend, with initial targets set at 160.90 and subsequently at 160.10.
Conversely, if the EUR/JPY were to rally above the 163.25 barrier and maintain a positive close, it could regain bullish momentum, with potential targets of 164.25 and 165.60 in sight.
The expected trading range for today is between support at 160.90 and resistance at 162.90.
Trend Forecast: Bearish
