EUR JPY finds new resistance 12/3/2013

The pair hit 126.00 level yesterday to find new resistance there that prevents the price from moving for more expected targets towards 127.50, thus, we expect some fluctuations between the previous resistance and the moving average 55 at 123.20, to trade within a triangle as shown in the image.

We expect intraday decline for the price, affected by the mentioned triangle, to reach 123.20 level in the near term, as long as the 126.00 resistance remained intact, while stochastic attempts to leave the overbought levels, which supports the intraday negativity on the pair.

Expected trading range is between 123.20 and 126.00

Expected trend: bearish, as long as the resistance remained intact