EURJPY awaits testing the main support – Analysis – 7-4-2017

The EURJPY pair still under the effect of the correctional bearish range due to its consolidation below 38.2% Fibonacci level at 118.55, thus, we will keep waiting to move towards 116.90 to test the main bullish channel's support followed by staying aside until confirming the next trend.

The upcoming scenario depends on the strength of 116.90 support line, to expect renewing the price bullish attempts and open the way to touch the moving average 55 around 120.10, while the continuation of the negative pressure and declining below this support will reinforce the negative domination and open the way to record negative targets that start at 115.10.

Expected trading range for today is between 118.55 and 116.90

Expected trend for today: Bearish