The EURJPY tests the major support – Forecast today – 25-3-2024

The EURJPY pair ended the last correctional decline by testing the main bullish channel’s support line at 163.10, and holding against the attempts to keep the bullish track again by rallying towards 163.65 now, as the continuous stability of the major support and stochastic attempt to provide the positive momentum will increase the efficiency of the bullish track, to expect targeting 164.25 level soon.

On the other hand, facing new negative pressures and crawling below the mentioned support will cancel the positive overview, to start suggesting the domination of the bearish bias for the near-term and medium-term period, which might target 162.95 level initially, followed by attempting to press on the MA55 near 162.65.

The expected trading range for today is between 163.40 and 164.25

Trend forecast: Bullish