EUR JPY hits the resistance 10/4/2013

The pair rallied in yesterday’s trading to achieving 130.10, which represents the psychological barrier and the main resistance against the pair’s trading, therefore the fluctuation below the resistance level is expected in the near period to achieve 126.60 as a main target for the correctional bias.

Carefully note that breaching above the resistance level will make the price rally to achieve 131.00 as a main target for the bullish trading.

By the enclosed chart we notice the stability of Stochastic below 80 level which supports the correctional overview during the near period.

Expected trading range is between 130.00 and 127.00

Expected trend: bearish if the resistance level remains intact