EURJPY moves within tight track – Analysis – 17-2-2017

The EURJPY pair moves within tight range recently affected by the moving average 55 forming to initial resistance at 121.20, while 120.60 forms an obstacle against the waited negative attempts, and in general, our negative overview will remain valid as long as 121.80 main resistance remains intact, waiting to breach the initial support to open the way to reach our targets at 120.00 followed by 118.60.

Stochastic contradicts with the moving average 55 negativity by forming intraday positive wave that supports the domination of the current sideways move, waiting to get new negative momentum to allow the price to break the support and reach our waited targets.

Expected trading range for today is between 121.20 and 120.00

Expected trend for today: Bearish