EURJPY hits the initial support – Analysis – 8-3-2017

The EURJPY price affected by some negative pressures yesterday, due to the stability of 121.20 level as a strong obstacle against the bullish attack, which forces it to reach the initial support that represented by the moving average 55 at 120.10, there are several factors support the bullish scenario that begin from the stability of the price within the main bullish channel besides the stability above 38.2% Fibonacci at 119.50, which makes us wait until gathering the required momentum, to repeat the pressure on the mentioned barrier, to allow the price achieve the waited breach.

Now, we should monitor the price behavior well, as breaking the moving average will force the price to decline on the intraday basis to 119.50 level, while achieving the required breach to 121.20 level will open the way towards recording more of the gains that begin at 122.10.

Expected trading range for today is between 120.00 and 122.10

Expected trend for today: Bullish.