EURJPY affected by the major indicators' contradiction – Analysis – 6-6-2017

The EURJPY pair was forced to provide correctional bearish trading recently by reaching 123.80, affected by stochastic negativity that consolidates below 50 level, which contradicts with the moving average 55 positivity around 121.60 support line, while we expect to witness additional sideways trading until succeeding to gather the positive momentum again, to repeat the attempts to reach the first positive target at 126.10, followed by attempting to touch the main resistance around 127.20.

We should note that the price decline below 123.10 level will postpone the bullish attempts and push the price to build correctional bearish bias to target the moving average 55 followed by starting to build the waited bullish bias.

Expected trading range for today is between 123.10 and 125.25

Expected trend for today: Bullish