The EURJPY colored by red – Analysis – 2-8-2022
The EURJPY pair continued to form strong negative trades affected by stochastic negativity, noticing that it moves towards 134.00 to achieve the targets mentioned in our last report.
The price might form some sideways fluctuation, while that won’t affect the correctional bearish track to keep waiting to target new negative stations that might extend towards 133.50 level, while breaking this obstacle will push the price to suffer additional losses by moving towards 131.95.
The expected trading range for today is between 134.80 and 133.50
The expected trend for today: Bearish
The GBPJPY suffers big losses – Analysis – 2-8-2022
The GBPJPY pair surrendered to the frequent negative pressures to form strong negative attack and suffer big losses by touching the target at 159.85, facing 50% Fibonacci correction level.
Despite the main stability within the bullish channel, the continuous negative momentum coming by the major indicators might force the price to crawl below the current obstacle in order to target new negative stations that might start at 159.10 followed by reaching the bullish channel’s support line at 157.75.
The expected trading range for today is between 161.05 and 159.50
The expected trend for today: Bearish
Platinum price approaches the resistance – Analysis – 2-8-2022
Platinum price ended yesterday by recording 915.00 level, to approach the major resistance at 925.00, noting that the continuous contradiction between the major indicators might assist to end the positive rally after testing the mentioned resistance, which increases the chances of renewing the negative attempts and reach 880.00 initially, followed by moving towards 855.00.
On the other hand, gathering the additional positive momentum and surpassing the major resistance will assist to activate the bullish track again, to open the way to achieve new gains that might start at 950.00.
The expected trading range for today is between 925.00 and 880.00
The expected trend for today: Bullish
Copper price still positive – Analysis – 2-8-2022
Despite copper price intraday decline below 3.5000 level, that won’t affect the correctional bullish track that depends on the major support at 3.1300, also, stochastic rally above 50 level allows us to wait to gather the positive momentum to manage to achieve the correctional targets at 3.6300 followed by 3.8500 levels.
The expected trading range for today is between 3.3500 and 3.6300
The expected trend for today: Bullish