The EURJPY forms a clear correctional rebound– Analysis – 6-8-2019

The EURJPY pair is affected by the strength of the bearish channel’s support at 117.70, which forces it to form a bullish correctional trading as appears in the above image, but the negative stability below the initial barrier at 120.70, makes us wait for gathering a new negative momentum, to repeat the attempts to reach 118.60, which presses on the extended support at 117.45.

Stochastic fluctuation below 50 level forms a main factor that confirms the bearish scenario, in attempt to provide a new negative momentum, to increase the chances for the price decline to the suggested targets.

The expected trading range for today is between 120.70 and 118.60

The expected trend for today: Bearish