EURJPY fails to resume the positivity – Analysis – 17-8-2017

The EURJPY pair despite the price consolidation above 128.20 key support, but we notice forming new sideways trading due to the obstacle formed by 131.30 against the bullish rally, while we expect the price to move between the mentioned levels until gathering new positive momentum to manage to breach the mentioned barrier and start recording new positive targets by reaching 132.30 followed by 134.50.

Stochastic rebound from the overbought areas will increase the chances of the sideways range domination for the near term period, to increase the chances of testing the key support before achieving any new bullish rally.

Expected trading range for today is between 128.20 and 131.30

Expected trend for today: Sideways