The EURJPY takes advantage of stochastic positivity – Forecast today – 9-4-2024

EURJPY Pair Price Analysis

Expected Scenario

• The EURJPY pair has started to form new bullish waves, capitalizing on stochastic positive momentum. Strong pressures on the 164.90 resistance suggest an increasing likelihood of regaining the bullish bias by entering the bullish channel depicted on the chart.
• A breach of the resistance and a positive close above it would suggest a bullish attack on both near-term and medium-term bases. Targets for such an attack might include 165.55, followed by reaching 167.20, which represents the next main target for bullish trades.

Expected Outcome

The EURJPY pair is expected to maintain its bullish momentum, supported by new bullish waves and stochastic positive momentum. This could lead to further upward movement in the near term.

Breaching the 164.90 resistance and achieving a positive close above it would reinforce the bullish bias and potentially target higher levels such as 165.55 and 167.20.

Expected Trading Range

Between 164.35 support and 165.55 resistance.