EURJPY surrenders to stochastic negativity – Analysis – 7-12-2018

Economies.com
2018-12-07 09:19AM UTC

The EURJPY pair succeeded to build a new resistance at 128.80 level, forming wider negative range by its stability within the bearish channel that appears in the above image, the intraday positivity is caused by stochastic rally to the overbought level, to increase the chances for testing the mentioned resistance, to begin forming strong negative trading in the upcoming period.

 

The stability of the main resistance makes us expect targeting 127.50 level initially, surpassing this obstacle will extend losses in the medium period to reach 126.15, to press on 50% Fibonacci correction level that appears in the image.

 

Expected trading range for today is between 128.80 and 127.50

 

Expected trend for today: Bearish

 

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