The EURJPY pair continued to resist the positive pressures coming by stochastic rally above 50 level, providing more negative closings below the bearish channel’s resistance at 127.30, expecting to start gather new negative momentum to manage to reach 124.70 level that forms the first negative target, followed by attempting to reach 61.8% Fibonacci correction level at 123.40.
Stochastic approach to 80 level confirms the beginning of getting rid of the positive pressures to allow the price to gather the negative momentum and increase the chances of achieving the mentioned negative targets.
Expected trading range for today is between 127.00 and 125.40
Expected trend for today: Bearish