Overview
The EUR/JPY pair showed a fresh positive signal by forming bullish wave and moving away from the 125.35 key support. Thus, we expect the bullish bias for the upcoming period. If the initial resistance extends towards 126.90, monitor the price behavior. In case the positive pressure continues and the price rallies to breach the 126.90 level, the chances of forming new inverted head and shoulders pattern will increase; therefore, expect more positive attempts by targeting the 128.50 level as the second station for the bullish bias.
The expected trading range for today is between 125.60 and 126.90.
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