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The EUR/JPY pair posted additional gains in recent trading sessions, briefly reaching the 165.20 level. However, its subsequent pullback below the key resistance at 164.90 has slowed the momentum, reducing the likelihood of an immediate continuation of the bullish trend.
Intraday pressure emerged as the stochastic oscillator exited overbought territory, prompting the pair to retreat. This technical shift increases the probability of a short-term decline, with potential downside targets at 163.80 and 163.25.
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On the upside, a confirmed breach of the 164.90 resistance could trigger a fresh bullish wave, with the next potential targets at 165.45 and 165.85.
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Expected Trading Range for Today: 163.80 – 164.90
Trend Forecast: Sideways
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