The EURJPY faces critical situation – Analysis – 29-11-2019

The EURJPY pair ended the correctional bullish rally by approaching the bearish channel’s resistance at 120.65 today, while the price faces critical situation now to detect the main trend, due to the continuous positive momentum signals coming by the major indicators, while the current resistance forms main obstacle against moving to the bullish track again.

These factors urge us to monitor the price carefully, as the stability of the resistance will support the bearish scenario that targets 119.90 initially, while breaching it will confirm moving into main bullish track to expect targets many positive levels that might start at 121.30 followed by 122.43 on the medium term basis.

The expected trading range for today is between 120.65 and 119.90

The expected trend for today: Bearish