EURJPY hovers near the moving average – Analysis – 15-2-2017

The EURJPY formed an intraday bullish wave yesterday, to settle near the moving average 55, which forms an initial resistance at 121.10, in general, the fluctuation of the price fluctuation below the main resistance that located currently at 121.80 confirms the continuation of the negativity, to wait for gathering new negative momentum that opens the way towards recording the waited target at 118.60.

Stochastic rally to the overbought level forms the main factor for the current positive rebound, but that supports surpassing the positive pressure to wait until gathering the negative pressure, which helps the price to attempt to record the suggested target.

Expected trading range for today is between 121.20 and 118.60

Expected trend for today: Bearish