EURJPY gains strong positive momentum – Analysis – 30-5-2016

The EURJPY pair formed strong positive rebound after hitting the support at 122.20, to notice its approach from the initial resistance that located currently at 123.50, the price attempt to surpass the moving average 55 puts it under new positive effect, to keep waiting for surpassing the previous mentioned resistance to begin to target positive levels that might begin from 124.20 and 124.60.

In general, the main bias will remain bullish depending on the stability of the mentioned support, to keep waiting for achieving the required breach to confirm the continuation of the positivity in the upcoming period.

Expected trading range for today is between 122.60 and 124.20.

Expected trend for today: Bullish.