EURJPY attempts to resume the positivity – Analysis – 19-6-2017

The EURJPY pair provided clear positive pressure on 124.40 level on last Friday, which forms intraday barrier against the bullish rally, while the price gets the positive momentum through stochastic reach towards the oversold areas, to increase the chances of breaking the current barrier to manage to reach the first main target at 126.10, followed by extending trading towards the bullish channel's resistance around 127.40.

We assure the importance of the initial support line stability at 122.70 – supported by the moving average 55 fluctuation below it- to prevent any attempt to form correctional bearish bias that might lead to postpone the bullish rally, hence, suffering more losses by moving towards 121.50 level.

Expected trading range for today is between 123.30 and 126.10

Expected trend for today: Bullish