The EURJPY tests the bearish channel’s support line – Forecast – 23-11-2024

2024-11-23 08:06AM UTC

The EURJPY pair formed strong negative attack yesterday by crawling below the additional support at 163.25, to suffer big losses by touching the bearish channel’s support line at 161.85, achieving some previously waited negative targets.

We expect to form some correctional bullish trades by consolidating above the mentioned support line in addition to stochastic positive momentum signals, to target 162.70 as a first correctional station, while succeeding to break the support and holding below it will open the way to target new negative stations that might start at 160.60 and 160.10.

The expected trading range for today is between 161.30 and 162.65

Trend forecast: Bearish