EURJPY touches the first target – Analysis – 7-3-2018

The EURJPY pair’s trading extended upwards recently to achieve the first target at 131.80, while the consolidation of the initial target around 23.6% Fibonacci correction level confirms forming initial barrier against the bullish attack, interpreting the reasons of the intraday negative rebound that appears on the chart.

The continuous positive momentum coming by stochastic that settles above 50 level allows us to keep our bullish overview, waiting to breach the current barrier followed by starting to record additional targets that begin at 133.00 followed by 134.40.

Expected trading range for today is between 130.60 and 131.80

Expected trend for today: Bullish