EURJPY crawls below the support – Analysis – 18-8-2017

The EURJPY pair didn’t get enough by its response to the negative pressures by testing the critical support at 128.20, to notice its negative move to 127.90, note that providing repeated negative closes below 38.2% Fibonacci correction level makes us begin to prefer the bearish bias domination in the near and medium period, to wait until reaching 126.90 level, to form the initial negative target then continue the negative attack by targeting 124.40 level.

Stochastic sharp decline and its approach from 20 level forms the main factor by the price stability within the negative range, to provide strong negative momentum that confirms the domination of the expected bearish bias.

Expected trading range for today is between 128.20 and 126.90

Expected trend for today: Bearish