EURJPY needs new momentum– Analysis – 19-1-2018

The EURJPY pair continued providing repeated sideways trading, in spite of its stability within the bullish channel levels, affected by the negativity that comes from stochastic attempt to surpass the overbought level, the price leans currently on the initial support at 134.80, which assists to shrink the possibility for forming any negative rebound, note that its success to gather extra momentum in the near period will ease the attempt to achieve new positive targets by its rally to 137.00 reaching to 138.85 level in the upcoming period.

While the price decline below the initial support and providing negative close will delay the bullish rally, which forces it to suffer several losses until testing the main bullish channel’s support at 133.75.

Expected trading range for today is between 134.80 and 137.00

Expected trend for today: Bullish