The EURJPY fails to regain the bullish bias – Forecast today – 5-4-2024

EURJPY Pair Analysis

Expected Scenario

• The EURJPY pair returned to provide negative trades by crawling below the bullish channel’s support line at 164.55.
• This canceled the chances of regaining the bullish bias, with losses observed as it crawled towards 163.50.

Expected Outcome

Currently, there's a contradiction between the major indicators, suggesting mixed sideways trades until gathering additional negative momentum.

Expect a crawl below the MA55 at 163.30, followed by targeting negative stations starting at 162.75 and reaching 162.20 in the medium-term period.

Expected Trading Range

Between 164.30 support and 163.30 resistance.