EURJPY attempts to regain the negativity – Analysis – 1-11-2018

The EURJPY pair provided new negative close by crawling below the moving average 55 to end the correctional bullish trades and increase the chances to resume the main bearish attack in the near term and medium term period, expecting that 128.30 will form new resistance to increase the chances of achieving the negative targets around 127.20 followed by 126.15.

The price consolidation within the bearish channel supports our expectations to renew the negative attack, also, stochastic reach to the overbought areas confirms getting rid of the positive pressures to start receiving the required negative momentum to achieve the suggested targets.

Expected trading range for today is between 128.30 and 127.20

Expected trend for today: Fluctuated within the bearish range