The EURJPY crushed with a vital barrier – Analysis – 16-12-2019

The EURJPY pair forced to end the bullish rally and forming a temporary negative rebound after facing the resistance at 122.45, which represents 38.2% Fibonacci correction level, the current negative rebound will not affect the main bullish track, due to the stability of the price within the bullish channel, besides forming an extra support at 121.05 level, which increases the chances for renewing the bullish attempts in the near and medium period.

And that makes us keep the bullish suggestion and wait for the price reach to 122.45 barrier, and surpassing this level and holding above it will increase the chances for reaching new positive stations that might begin at 122.95 and 123.50.

The expected trading range for today is between 121.05 and 122.45

The expected trend for today: Bullish