EURJPY not stable – Analysis – 01-06-2016

Economies.com
2016-06-01 06:58AM UTC

The EURJPY pair touched 124.20 level, to form new obstacle against the bullish attempts, which forced it to form negative rebound and decline below 123.25 level again, and that supports moving unorganized due to the available chances to decline towards 122.10 level, while rallying above 123.25 level will put the price within the bullish bias and renew the pressure on the recently recorded top.

 

Therefore, we will suggest the bearish bias for the near term trading to depend on the stability of 123.25 level as an initial resistance, to notice the stability of the moving average around this level and increase the negative pressure on the near term and medium term trading.

 

Expected trading range for today is between 123.25 and 122.00

 

Expected trend for today: Bearish

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