The EURJPY cancels the positive overview – Analysis – 8-3-2019

The EURJPY pair suffered from strong negative pressures, which forces it to cancel the bullish overview by its decline below 125.05 level, to settle within the bearish channel’s levels that appear in the above image, the stability of the barrier at 125.05 makes us expect renewing the negative attempts to target 123.50 level initially, and breaking it will extend the losses in the upcoming period at 122.20.

Jumping above the mentioned barrier will keep the price confused, which confines the price in sideways range between 50% Fibonacci correction level at 126.20 and the mentioned bearish channel’s resistance.

The expected trading range for today is between 125.00 and 123.50

The expected trend for today: bearish