EURJPY looks for extra momentum – Analysis – 28-2-2017

EURJPY price provided an intraday positive rebound affected by the strength of 118.20 level, which forms the initial support against the negative trading, the stability of the moving average 55 near 120.00 forms new resistance that assist to confine the price within the negative range, to wait for gathering new negative momentum, which increases the possibility for surpassing the mentioned support, to keep recording the negative targets that begin at 116.80.

Stochastic rally above 20 level forms the main factor for the current fluctuation, which opens the way towards gathering the required momentum to resume the negative attack as we mentioned previously.

Expected trading range for today is between 120.00 and 118.20

Expected trend for today: Bearish