EURJPY touches the first target – Analysis – 24-8-2018

The EURJPY pair formed strong bullish rally recently to confirm the preparation to build new bullish bias and notice achieving the first main target at 128.83, while the price might be forced to form intraday sideways trading by facing 38.2% Fibonacci correction level, waiting to breach this level to confirm the preparation to record more targets in the near term and medium term period, located at 130.00 followed by 131.10.

We expect 128.40 level to form new support that will assist to confirm blocking the price within the bullish range, also, stochastic stability within the overbought areas assists to provide continuous positive momentum to increase the chances of achieving the required break.

Expected trading range for today is between 128.40 and 130.00

Expected trend for today: Bullish