EUR/JPY Analysis
Posted: 09 Nov 2023, 16:24
The EUR/JPY pair renewed its positive action yesterday to notice reaching the 161.72 level, testing the key resistance, and settling below it. At the same time, the upcoming scenario depends on the strength of the current resistance, as settling below it will push the price to start forming bearish waves and suffer many losses that might start at 160.90 and 160.15.
On the other hand, facing new positive pressures and rallying above the resistance line will confirm regaining the main bullish bias by settling within the bullish channel again, allowing us to target new positive stations that might extend towards 162.30. The expected trading range for today is between 161.75 and 160.90.
On the other hand, facing new positive pressures and rallying above the resistance line will confirm regaining the main bullish bias by settling within the bullish channel again, allowing us to target new positive stations that might extend towards 162.30. The expected trading range for today is between 161.75 and 160.90.