EURJPY holds below the resistance – Analysis – 6-7-2018

The EURJPY pair succeeded to test the bearish channel’s resistance yesterday at 129.75, to form solid barrier against the attempt to change the main trend, while the stability of this resistance will force the price to start forming new negative attack and repeat the attempt to reach 128.20 level that forms the first negative station, while the continuous negative pressures will push the price towards 127.00.

We remind you that attempting to breach the current resistance will cancel the negative overview by exiting the bearish bias and increase the chances of forming new bullish rally, to expect targeting 130.80 followed by reaching 23.6% Fibonacci correction level at 132.20.

Expected trading range for today is between 129.75 and 128.20

Expected trend for today: Bearish