EURJPY still bearish – Analysis – 4-7-2018

The EURJPY pair repeated the negative closings below 129.90 to keep its consolidation within the main bearish channel, also, stochastic release from the oversold areas confirms the beginning of providing the required negative momentum to achieve the targets at 128.20 followed by 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 initially, followed by reaching 23.6% Fibonacci correction level at 132.20.

Expected trading range for today is between 129.60 and 128.20

Expected trend for today: Bearish