EURJPY settles within intraday sideways range – Analysis – 3-7-2018

The EURJPY pair surrendered to the intraday sideways bias due to the contradiction of the major indicators, to repeat its fluctuation near the bearish channel’s resistance at 129.90, while the stability of this resistance confirms the price preparation to form new negative trading in the near term and medium term period to target 128.20 level as a first negative station, followed by extending trading to touch the second target at 127.00.

We should note that attempting to breach the current resistance will cancel the negative overview and increase the chances of forming new bullish rally to expect targeting 130.80 level initially.

Expected trading range for today is between 129.90 and 128.20

Expected trend for today: Bearish