The EURJPY repeats the fluctuation below the resistance – Forecast today – 8-4-2024

EURJPY Pair Price Analysis

Expected Scenario

• The EURJPY pair continues on its bearish track, with negative closings below the 164.80 resistance line, forming a solid obstacle against attempts to enter the broken bullish channel's lines as seen on the chart. Temporary sideways fluctuation near 164.40 is noted.
• New negative momentum is required for the price to initiate a correctional bearish attack, targeting the 163.70 level soon. Surpassing this level may push the price towards 163.30 as the next main target.

Expected Outcome

The EURJPY pair is expected to continue its bearish trend, with potential for a correctional bearish attack targeting the 163.70 level. Surpassing this level could lead to further decline towards 163.30.

Expected Trading Range

Between 164.60 resistance and 163.70 support.