The EURJPY threats the support – Forecast today – 3-5-2024

Scenarios

Scenario 1: Potential for Positive Momentum

• EURJPY pair unable to shake off negative pressures, settling near bullish channel’s support line at 164.00.
• Strength of support crucial for upcoming scenario.
• Stability of support may lead to gathering positive momentum.
• Potential to jump above 164.85 level, reinforcing chances of strong bullish waves towards 165.70 and 166.40 on medium-term basis.

Scenario 2: Risk of Negative Track

1. Frequent negative pressures.
2. Breaking current support would confirm movement to negative track.
3. Potential targets for negative stations starting at 163.20 and 162.60.

Trading Range

The expected trading range for today is between 164.10 and 165.70.

Trend forecast: Bullish