EURJPY tests the support – Analysis – 16-3-2017

The EURJPY price completed its bearish correctional track to test the support at 121.20, which forms 23.6% Fibonacci correction level, the stability of this support makes us prefer the dominant positivity, to extend the trading towards recording several positive targets that begin at 122.80 reaching to 124.05 in the upcoming period.

Note that providing negative close below the current support level will cancel the bullish overview in the near and medium period, which forces it to suffer several losses by reaching the moving average 55 at 120.25, and it might reach 38.2% Fibonacci correction level at 119.50.

Expected trading range for today is between 121.20 and 122.80

Expected trend for today: Bullish.