EURJPY prepares to decline – Analysis – 2-5-2018

The EURJPY pair continued to form continuous negative crawl recently to reach 131.57 level, moving away from the initial resistance at 132.20, noticing that the moving average 55 stability around this resistance confirms blocking the price within the negative range, waiting to record additional negative targets by reaching 131.00 followed by 130.20.

Stochastic continuous fluctuation above the oversold areas allows the price to provide some intraday sideways trading until gathering the negative momentum again, followed by repeating the attempts to achieve the waited negative targets.

Expected trading range for today is between 131.85 and 131.00

Expected trend for today: Bearish