EURJPY forms a positive gap – Analysis – 24-4-2017

The EURJPY price announced the continuation of the bullish attempts by providing positive gap to jump from 117.30 level (which forms the main support of the bullish channel) to settle near 119.50 surpassing the waited initial target in the previous report, in general, we will keep preferring the bullish attempts, and 118.55 level forms the initial support to confirm the price rally towards recording more of the targets that begin at 120.70 reaching to the recorded top at 122.85.

We notice the price attempt to lean on the moving average 55, to increase the positive pressure on the current trading, also the stability of stochastic within the overbought level reinforces the domination of the positivity by providing extra positive momentum, which opens the way towards achieving the suggested targets.

Expected trading range for today is between 118.60 and 120.70

Expected trend for today: Bullish.