EURJPY moves towards the initial support – Analysis – 16-3-2018

The EURJPY pair repeated its fluctuation within the sideways range to notice gathering new negative momentum, approaching the initial support at 129.75, while the upcoming scenario depends on the strength of this support to expect renewing the bullish attempts that target 132.20 barrier initially.

On the other hand, facing negative pressures and attempting to crawl below the current support will bring the price back to the bearish bias, expecting to provide strong pressure on 38.2% Fibonacci correction level at 128.85 and break this level to extend losses in the upcoming period towards 127.60 followed by 126.15.

Expected trading range for today is between 129.75 and 132.20

Expected trend for today: Bullish