EUR JPY settles around 50% Fibonacci 17/1/2013

The pair attempted to fluctuate recently between the bullish channel resistance at 118.20 and 50% Fibonacci at 116.90 to achieve repeated close between the mentioned levels.

The resistance level stability makes us expect forming a bearish wave makes the price surpass 116.90 to approach from the moving average at 115.30, but we recommend the neutrality until breaking below 116.90 to confirm reaching the target.

Expected trading range is between 118.30 and 115.20

Expected trend: bearish.