The EURJPY tests the broken support – Forecast today – 18-3-2024

The EURJPY pair ended the temporary positive rebound by testing the broken bullish channel’s support line that forms major resistance now at 162.55 as appears on the chart, as the frequent stability below this resistance reinforces the chances of activating the bearish trend again, to expect targeting 161.75 level first, while breaking it will repeat the chances of pressing on the additional support at 160.85.

Note that succeeding to breach the current resistance and holding above it will cancel the negative overview by settling within the bullish channel again, to expect forming strong bullish waves and target 163.10 and 163.80 levels.

The expected trading range for today is between 162.50 and 161.80

Trend forecast: Bearish