EUR/JPY Analysis

[Uritron]

On Friday, the EUR/JPY pair faced strong positive pressure to postpone the negative attack and notice the formation of a new corrective bull market through the rise to 160.65. Still, the price formed a small uptrend channel and showed frequent stabilization above the support line at 160.10. This could suggest a more positive approach to the 160.95 target in the short term, but a break above this level could extend the trade toward the key resistance at 161.45.

On the other hand, crawling below the mentioned minor channel’s support line and getting a new negative close will confirm regaining the bearish bias, so expect to form strong bearish waves that might target 159.65, followed by 158.80. The expected trading range for today is between 160.35 and 160.95.

[maspluto]

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[maspluto]

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