The EURJPY achieves some targets – Forecast today – 7-5-2024

Expected Scenarios and Trading Range

Scenario 1: Bullish Attack

• EURJPY pair utilizes stability of the main bullish channel’s support line at 164.10 to initiate a bullish attack, rallying strongly towards 166.40.
• Successful achievement of previously awaited major targets.

Scenario 2: Sideways Trades

• Stochastic indicators exit from overbought areas might lead to formation of sideways trades.
• Testing of MA55 at 165.65 anticipated, followed by waiting for additional positive momentum.
• Mission to jump above 166.65 level and reach further stations at 166.90 and 167.30.

Trading Range

Expected range for today: 165.75 - 166.90

Trend forecast: Bullish