EURJPY hovers below the resistance – Analysis – 21-8-2018

In spite of suffering some positive pressure, but the continuous stability of the EURJPY pair below the resistance of the bearish channel at 127.30 support our bearish suggestion in the upcoming trading, stochastic reach to the overbought level confirms the beginning of surpassing the positive pressures, to increase the chances for gaining negative momentum, to begin targeting several negative levels, which begin at 125.40 and 124.70.

Note that the attempt of breaching the current resistance will cancel the negative overview, which forces it to build a strong bullish trading, opening the way towards targeting several positive levels that begin at 38.2% Fibonacci correction level at 128.80.

Expected trading range for today is between 127.30 and 125.40

Expected trend for today: bearish