EURJPY gets ready to the negative attack – Analysis – 5-1-2017

The EURJPY price remains stable negatively below the bullish channel’s resistance at 124.00, to confirm its readiness to form a bearish correctional bias in the near period, therefore, we will keep preferring targeting 121.60 level, to wait for breaking this support, to open the way towards achieving more of the targets in the upcoming period that begin at 120.00 reaching to 118.60 level.

Stochastic attempt to decline below 50 level assists to provide the required negative momentum, to form the bearish bias to increase the chances for surpassing the mentioned target as an initial target.

Expected trading range for today is between 123.50 and 121.60

Expected trend for today: Bearish