The EURJPY rebounds from the support – Analysis – 16-5-2019

The EURJPY pair formed new negative moves yesterday to face the additional support 122.00, which formed our target in our previous report, while the strength of this support line forced the price to form intraday positive rebound to increase the chances of gathering new negative momentum to repeat the attempts to break the support in order to reach the next negative station at 121.20.

We notice the price consolidation within the main bearish channel, while moving below 123.50 barrier will confirm surrendering to the bearish bias domination to keep waiting to achieve the required break on the near term period.

The expected trading range for today is between 123.15 and 122.00

The expected trend for today: Fluctuated within the bearish range