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EURJPY Maintains Positive Outlook – Forecast for June 14, 2024

by Jennifer

EURJPY Price Analysis

The EURJPY pair experienced a loss of positive momentum earlier today, resulting in a temporary negative rebound subsequent to touching the 169.80 level. This movement led to a test of the second support at 168.90, which holds significant importance in confirming the continuation of the bullish trend in current trading sessions. Moreover, stochastic indicators are signaling a shift towards positive momentum, enhancing the likelihood of initiating bullish attempts. Market analysts anticipate a rally towards 169.45, followed by a target of 170.10 as a key obstacle to overcome, paving the way for the resumption of positive trades in the near future.

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Expected Trading Range

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The projected trading range is anticipated to lie between the support level at 168.90 and resistance at 170.10.

Trend Forecast: Bullish

Given the current market dynamics and the potential for renewed positive momentum, a bullish trend is forecasted for the EURJPY pair.

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