EURJPY faces difficulty to regain the bullish bias – Analysis – 10-2-2017

The EURJPY price rallied above 120.60 level attempting to regain the bullish bias, but forming a new resistance at 121.60 level might decelerate the bullish rally in the current trading, therefore, we expect the price confinement in sideways range between the mentioned levels until providing new signal that supports detecting the main trend in the upcoming period.

Note that breaching the barrier at 121.60 will confirm regaining the bullish bias to renew forming bullish trading to target 123.10 level reaching the top at 124.05, while providing negative trading below 120.60 will put it under the effect of the bearish correctional bias, to be attracted to 118.60.

Expected trading range for today is between 120.60 and 121.60

Expected trend for today: sideways.