EURJPY tends towards the negativity – Analysis – 3-8-2018

The EURJPY pair did not succeed to hold for long time above 129.60 support line, to hint postponing the bullish attack and increase the chances of suffering losses in the near term and medium term period, noting that 129.10 forms the neckline of the double top pattern that supports the domination of the negativity for now, expecting to target 128.80 followed by reaching 128.10.

Therefore, we will suggest the bearish bias for now, noticing that the major indicators provide the negative momentum as stochastic moves towards 20 level, besides the consolidation of the moving average 55 above the current price.

Expected trading range for today is between 129.60 and 128.10

Expected trend for today: Bearish