EURJPY declines strongly – Analysis – 3-1-2019

The EURJPY pair didn’t get enough by recording the suggested targets yesterday, to notice surpassing 123.50 level and suffering big losses by reaching 118.85, by the above image we notice the price fluctuation below the broken bearish channel’s support, to form a new resistance at 122.15, to increase the chances of resuming the bearish attack, to repeat the pressure on 118.85 level to record new targets that begin at 117.30 and 114.85.

Note that the price attempt to breach the current resistance, so that will force the price to form a bullish correctional trading, to target 61.8% Fibonacci correction level at 123.50 before achieving any new negative target.

Expected trading range for today is between 122.00 and 119.00

Expected trend for today: Bearish