EURJPY forms a new negative pattern– Analysis –24-5-2018

The EURJPY pair decline below 129.40 level make it form the head and shoulders pattern, announcing surpassing the bullish bias domination, to begin forming a new bearish trading by reaching 127.98, which makes us prefer more of the negative trading, the stability of the initial resistance at 128.85 makes us expect renewing the negative attempts and targeting 127.60 level reaching to 126.10, to form the main negative target in the near and medium period.

The stability of the moving average 55 above the current trading, besides stochastic reach to the oversold confirms the price surrender to the bearish bias domination, to confirm its readiness to achieve the mentioned negative targets.

Expected trading range for today is between 128.80 and 127.60

Expected trend for today: Bearish.