EURJPY surrenders to the bearish correction – Analysis – 23-7-2018

The EURJPY pair declined on last Friday below 131.00 support line, hinting postponing the bullish attack, to start forming correctional bearish trades and settle around the moving average 55 at 130.15, therefore, we will suggest the correctional bearish trades as 131.00 forms new resistance, expecting to move towards 129.45 followed by reaching the key support 128.80.

Stochastic crawl towards the oversold areas reinforces the negative overview for the upcoming period, providing the price with additional negative momentum to increase the chances of touching the mentioned negative targets.

Expected trading range for today is between 131.00 and 129.45

Expected trend for today: Bearish