EUR JPY is suffering big losses 18/3/2013

The pair suffers big losses since the morning by breaking the initial support level 124.40 to achieve 121.60; we notice the strength of the price rally in its bearish bias by the accomplished price gap, where the stability below the moving average makes us expect more losses to reach 121.30 followed by 120.05

Stochastic attempts to achieve the oversold level which supports the expected negativity during the upcoming period, we must mention that there is a potential fluctuation to hit the moving average at 123.55 to make the price affected by the bearish wave.

Expected trading range is between 123.55 and 121.20

Expected trend: bearish