The EURJPY achieves fake gains – Forecast today – 29-4-2024

EURJPY Price Analysis

Expected Scenario

• The EURJPY pair started today by forming unexpected strong bullish rally to surpass the previously suggested targets by recording fake gains by reaching 171.57 level, followed by activating the correctional bearish track by crawling towards 166.35 quickly.
• Despite the price consolidation within the bullish channel, the contradiction between the major indicators allows us to start neutral due to the chances of moving easily between the bullish channel’s resistance at 169.35 and 165.35 additional support, recommending to wait to end the effect of the recent economic data to manage to confirm the trend without facing any unexpected losses.

Expected Trading Range

Between 169.00 and 165.35