EURJPY continues the bearish correction – Analysis – 30-5-2017

The EURJPY price confirmed its affection by the bearish correctional bias domination, to notice its negative stability below the moving average 55 at 123.80 level, which confirms the attempt of renewing the bearish attempts, to expect reaching to 123.15 that forms the first main target of the bearish bias and breaking it makes us expect suffering extra losses to target 121.80 level, which forms new strong support.

Stochastic reach to the oversold level agrees with our bearish suggestion by providing extra negative momentum, which opens the way towards resuming the bearish correctional attempts and achieving the mentioned targets.

Expected trading range for today is between 123.80 and 121.80

Expected trend for today: Bearish.