The EURJPY needs to break the support – Analysis – 12-8-2019

The EURJPY pair continued to form clear negative crawling recently, attempting to reach the bearish channel’s support line at 117.50, reminding you that the negative overview depends on the price consolidation within the bearish channel, to form additional resistance at 120.70 and increase the chances of resuming the negative attack on the near term and medium term basis.

We expect to gather new negative momentum to press on the targeted support, noting that succeeding to break this barrier will confirm moving into new negative track by targeting 116.70 followed by 114.85 levels in the upcoming period.

The expected trading range for today is between 119.25 and 116.70

The expected trend for today: Bearish