EURJPY postpones the bullish rally – Analysis – 7-6-2017

The EURJPY pair faced additional negative pressure by stochastic reach to 20 level, forcing it to postpone the bullish rally and start to provide negative rebound by reaching 122.95 level, while the current negative trading might extend to test 121.65 support that forms the key level between regaining the bullish bias or suffering new losses in case breaking it, to move towards 119.80 followed by 117.80 after breaking the mentioned level.

These factors allow us to suggest the negative fluctuation for the near term trading, noting that 124.40 forms new resistance level that will increase the negative pressure on the current trading until managing to test 121.65 support line.

Expected trading range for today is between 124.40 and 121.65

Expected trend for today: Bearish