The EURJPY hits the second target – Analysis – 3-12-2020

The EURJPY pair continued to form strong bullish waves yesterday, to move towards the second target at 126.65 that forms the extension of the minor bullish channel’s resistance, in addition to 38.2% Fibonacci correction level.

Due to the importance of the current barrier, we recommend monitoring the price behavior and wait for the next close to manage to detect the next main trend, as the stability of this barrier might force the price to form strong negative rebound to move towards 125.95 followed by 125.25 levels, while succeeding to breach the barrier and holding above it will allow the price to resume the bullish attack by moving towards 127.10 high.

The expected trading range for today is between 126.70 and 126.00

The expected trend for today: Neutral