EUR JPY attempts to achieve positivity 21/3/2013

The pair achieved a breach above the moving average around 123.50 in its yesterday’s trading to hit 124.50 attempting to settle positively, but breaching above 125.70 is required to achieve the wanted positivity which represents an obstacle against the price’s rise since the recent trading.

The fluctuation of the price in sideways range is expected in the near period because of the indicators contradiction, as stochastic attempts to get rid of the overbought level, while the current trading settles above the moving average 55, therefore we recommend the neutrality in the near trading until getting clearer signals for the trend and detect the expected targets.

Expected trading range is between 122.80 and 125.70

Expected trend: neutral