EURJPY affected by the strength of the initial support – Analysis – 3/9/2015

The EURJPY pair still settling above the initial support 134.50 that forms an obstacle against the waited negative attempts, while the price needs to get new negative momentum to allow it to break the current support followed by heading towards 133.40, which forms the neckline of the double top pattern, to confirm the continuation of the negativity for the upcoming period.

On the other hand, failing to break the current support will push the price to form sideways bias below the moving average that forms initial resistance around 136.40.

Expected trading range for today is between 136.40 and 133.50

Expected trend for today: Bearish