EURJPY under the intraday negative effect – Analysis – 8-6-2017

The EURJPY pair still affected by the intraday negative pressures by consolidating below 124.40 level, to continue forming initial resistance against the bullish rally, thus, we will keep expecting the correctional bearish bias domination for the near term period that targets the initial support line extension around 121.65, supported by the consolidation of the moving average 55 around it.

We should note that any attempt to breach the above mentioned resistance will push the price back to the bullish bias range, to increase the chances of recording more positive targets by reaching 126.10 followed by 127.30.

Expected trading range for today is between 124.40 and 121.65

Expected trend for today: Bearish