EURJPY settles within the bearish range – Analysis – 20-3-2018

Despite the EURJPY pair’s recent positive rebound, the stability below the moving average 55 at confirms the stability of the minor bearish channel’s resistance against the current trades, while the bearish scenario depends on the stability of this resistance to expect gathering new negative momentum and form strong negative attack to target 130.30 followed by 128.80.

Stochastic reach to the overbought areas paves the way to get rid of the positive pressures and start gathering the required negative momentum to resume achieving the suggested negative targets, assuring the stability of the mentioned resistance to avoid any attempt to change the main trend and suffer unexpected losses.

Expected trading range for today is between 131.50 and 130.30

Expected trend for today: Bearish