EURJPY delays the bullish rally – Analysis – 7-2-2017

The EURJPY price provided strong negative attack that allows it to breach the support level at 120.60, which delays the bullish overview to begin forming new bearish correctional bias, we expect providing new negative trading to target 38.2% Fibonacci correction level at 118.40, to monitor the price behavior to detect the main trend in the upcoming period.

Stochastic reach to the oversold level increases the negative pressure, which allows the price to resume the bearish correctional attempts until reaching the suggested targets.

Expected trading range for today is between 120.60 and 118.40

Expected trend for today: Bearish