EURJPY affected by the moving average negativity – Analysis – 9-2-2017

The EURJPY price provided new negative fluctuation by reaching 119.30 yesterday, to provide new negative close below the moving average 55, which increases the negative pressure on the upcoming trading, therefore, we will keep waiting for resuming the bearish correctional attempts that targets 118.40 level, due to its stability near 38.2% Fibonacci correction level.

Stochastic attempt to surpass the oversold level might force the price to provide some intraday sideways trading until gathering new negative momentum, to reach the suggested correctional target.

Expected trading range for today is between 120.60 and 118.40

Expected trend for today: Bearish