EURJPY affected by the bearish correctional range – Analysis – 6-4-2017

The EURJPY price provided new negative close below 38.2%Fibonacci correction level at 118.55, showing its affection by the bearish correctional bias domination to settle near 117.95, which makes us keep preferring the negative attempts until testing the critical support at 116.90, then monitor the price behavior to detect the main trend in the upcoming period.

The scenario of the upcoming period depends on the strength of the support at 116.90, and its stability makes us expect renewing the bullish attempts, to open the way towards hitting the moving average 55 at 120.10, while the continuation of the negative pressure and the price decline below this support will reinforce the dominant negativity, to open the way towards recording main negative targets that begin at 115.10.

Expected trading range for today is between 118.55 and 116.90

Expected trend for today: Bearish